US electrical car (EV) startup Rivian has raised its manufacturing aim for the second time this yr as the corporate begins to reel again its monetary losses.
The Californian-based firm now goals to supply 54,000 automobiles by the top of 2023, which is up from the earlier aim of 52,000 automobiles.
Rivian produced a complete of 16,304 automobiles throughout the third quarter of 2023, which is a brand new file and a rise of 121 per cent when in comparison with the identical interval final yr.
The corporate additionally made a record-breaking 15,564 deliveries throughout the third quarter of 2023, which is a rise of 136 per cent when in comparison with the identical interval final yr.
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R1T
Regardless of these record-breaking manufacturing and supply figures, Rivian nonetheless hasn’t achieved a optimistic gross revenue and is dropping cash on every car it produces.
Rivian generated a destructive gross revenue of US$477 million (~A$745 million) for the third quarter of 2023, which is down virtually 48 per cent from the identical interval final yr.
This implies Rivian misplaced round US$29,250 (~A$45,650) on every car it produced throughout the third quarter of 2023.
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R1S
For context, within the second quarter of 2023 the corporate was dropping round US$33,000 (~A$51,500) on every car it produced.
As a complete, Rivian’s internet loss attain US$1.36 billion (~A$2.12 billion) within the third quarter of 2023, which is up from the US$1.12 billion (~A$1.75 billion) skilled within the final quarter.
On the finish of the third quarter of this yr the corporate had US$9.13 billion (~A$14.26 billion) in money, equivalents and short-term investments, which is incrementally down from the US$9.26 billion (~A$14.46 billion) it had on the finish of the final quarter.
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EDV
Throughout the third quarter, Rivian started manufacturing of its R1T and R1S Max pack automobiles which have an EPA-estimated vary of as much as 660km.
The corporate has additionally introduced it’s permitting any firm to order its Electrical Supply Van (EDV) which was beforehand unique to Amazon.
The 2 firms nonetheless “stay centered” on fulfilling the 100,000-unit order for the American e-commerce large by 2030.