Rivian Keeps Full-Year EV Production, Profit Goals

(Bloomberg) -- Rivian Automotive Inc. maintained its full-year vehicle production target and profit-making goal, a sign the electric vehicle maker is filling orders on schedule after retooling its assembly lines.

The company said Tuesday it expects to produce 57,000 EVs in 2024, unchanged from prior projections for this year and about the same volume as in 2023. It had previously reaffirmed the production target in July, a move that left investors underwhelmed. 

Rivian kept its forecast for a full year loss of $2.7 billion and capital spending on the order of $1.2 billion. The Irvine, California-based carmaker also said it’s on track to earn a “modest gross profit” by the end of the year, something that Chief Executive Officer R.J. Scaringe has repeatedly promised investors. 

The steady outlook follows a retooling of the carmaker’s factory in Illinois to boost efficiency, a decision to pause construction of a new plant in Georgia and a major partnership deal with Volkswagen AG. 

Shares of Rivian rose 1.4% in postmarket trading to $15.01 as of 4:06 p.m. in New York. The stock closed regular trading Tuesday down 37% this year. 

For the second quarter, Rivian posted an adjusted loss of $1.13 per share, better than analysts’ expectations for a loss of $1.20 a share. Sales came to $1.16 billion, also below the consensus analyst estimate for $1.17 billion. Revenue earned from the sale of regulatory credits totaled $17 million, compared with a “de minimis” haul in the first quarter. 

The EV maker has said second-quarter output came to 9,612 vehicles with deliveries totaling 13,790 in the period.

(Corrects with non-GAAP adjusted earnings per share in sixth paragraph.)

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