av Morton E. . Nov 09, 2023

Rivian Beats Wall Street Expectations, Raises Guidance for 2023

Image Credit: Rivian

Rivian’s business is looking stronger than ever, positioning it even more as a potential ally to electric vehicle makers like Tesla. This was hinted at in the company’s third quarter results.

What's happening: Rivian Automotive reported third-quarter 2023 results that beat Wall Street expectations. The electric vehicle maker also increased its guidance for the full year.

Why it matters: Rivian is one of the most closely watched EV startups, and its results are a sign that the company is making progress.

By the numbers:

  • Rivian produced 16,304 electric vehicles (EVs) at its manufacturing facility in Normal, Illinois, last quarter.
  • It reported delivering approximately 15,564 R1T and R1S vehicles in the same period.
  • Rivian increased its production guidance to 54,000 vehicles for 2023.
  • The company improved its Adj. EBITDA guidance to $(4,000) million.
  • Rivian lowered its capital expenditures guidance to $1,100 million.

What's next: Rivian is focused on expanding its production capacity and ramping up its in-house motor line. The company is also working on improving its supply chain and cost management.

Here's what else you need to know:

  • Rivian's commercial van will be available to more companies.
  • Amazon has received 10,000 Rivian delivery vans.
  • Rivian reported a $1.37 billion net loss in the third quarter.

The bottom line: Rivian is making progress towards its ambitious goals. The company is well-positioned to become a major player in the EV market. 

Since it's the lead up to Black Friday, we're starting our promotions early! Check out some of these items from our shop!

2022 Rivian R1T/R1S Running Boards: These Rivian R1T or R1S premium running boards are crafted from high-quality aluminum. With a durable black finish, these running boards provide a stylish and functional step up into your truck. The wide step surface and non-slip texture ensure safe and secure entry and exit, even in wet or muddy conditions as well. 

2022 Rivian R1T All-Weather TPE Floor Mats: These all-weather TPE floor mats are made from durable and flexible TPE material, ensuring that your Rivian R1T or R1S’ interior is clean and protected. They are custom-fit to your truck's floor contours as well, so you can be assure your truck will look great.

Rivian R1T Glass Roof Sunshades: Enjoy the benefits of your Rivian R1T's panoramic glass roof without the harsh glare and heat with these custom-fit sunshades. These sunshades are designed to block out up to 99% of harmful UV rays, reducing heat buildup inside your cabin and protecting your upholstery from fading. They’re easy to install and remove, and they fold compactly for storage when not in use.

A final word: Don't forget to place the code "HMORTON" upon checkout. This should give you 20% off your entire order from our online store. Do take note that this code applies to orders that are worth $80 and up. 

Check out some fresh items from our Tesla shop here!

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