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Last month, the company pleasantly surprised investors with its second-quarter sales soaring approximately 60% compared to the previous quarter, and production also experiencing a significant 50% increase. Moreover, the company crucially maintained its 2023 production guidance of 50,000 vehicles, adding to the positive outlook for the automaker.
“With nearly 14,000 vehicles built and 12,640 delivered in the last quarter, the company should have revenue in excess of $1 billion” in the quarter, said Sam Fiorani of AutoForecast Solutions.
The street consensus expects Rivian to report a 2Q adjusted EPS loss of $1.41, narrower than the loss of $1.62 a share in the second quarter of 2022. Revenue expectations are very close to $1B at 983.05M, with the highest estimates reaching $1.14B, close to triple the revenue of $365M in the second quarter of 2022.
Rivian shares have traded up about 37% so far this year, outperforming the S&P, which has gained around 17%.
Shares of RIVN are down 3.86% in afternoon trading on Monday.
