The company said its “strong progress

The company said its “strong progress” to reduce costs has prompted it to improve it adjusted earnings guidance for the year to a loss of $4 billion. While that’s still a whopping number far from break even or profitability, it should be noted that it has decreased some $300 million since the beginning of the year. In the first quarter, Rivian had forecast adjusted net loss of $4.3 billion and $2 billion in capital expenditures in 2023. Rivian said Tuesday it has also lowered its capital expenditures to $1.1 billion largely due to a shift in expense timing.


“During the third quarter we continued to see progress,” Rivian founder and CEO RJ Scaringe said in a statement. “We produced 16,304 vehicles during the third quarter and continue to ramp our Enduro drive-unit line. As a result, we are raising our production guidance for the year to 54,000 total units. We have also made further improvement in profitability per vehicle, introduced the new Max pack variant with up to 410 miles of range, and rolled out multiple over the air updates to enhance the customer experience. We delivered our 10,000th EDV to Amazon during the third quarter and today we’re opening sales of the Rivian Commercial Van to new customers. This is an important step forward in our mission as we look to help businesses reduce their carbon output and advance towards a carbon neutral world.”