Rivian moves closer to profitability, ready to sell electric delivery vans to companies besides Amazon
NORMAL (25News Now) - Rivian Automotive is continuing to raise the bar for electric vehicle production at its plant in Normal, and the company no longer makes electric delivery vans exclusively for Amazon.
Rivian released its third quarter financial results Tuesday afternoon, saying the company made 16,304 vehicles in Normal during the three-month period, its strongest quarterly production so far. As a result, Rivian upped its production forecast to make 54,000 vehicles this year, up from the midyear forecast of 52,000.
A majority of the vehicles made were Rivian’s R1S sport utility vehicles, compared to its R1T trucks.
“Increasing our production is one of the primary levers in our path to profitability,” Rivian said in a letter to shareholders.
Also, Rivian announced Tuesday that it’s selling electric commercial delivery vans to companies on top of the 100,000 delivery vehicles Rivian is making for Amazon.
“This move provides companies all around the world more opportunity to electrify their delivery fleets with a state-of-the-art vehicle, which will help to further reduce CO2 emissions,” the company said.
“Amazon and Rivian remain focused on bringing 100,000 Rivian electric delivery vehicles (EDV) to the road, which will help save Amazon millions of metric tons of carbon per year,” the carmaker said.
According to Rivian, Amazon now has more than 10,000 EDVs in its fleet.
Rivian reported third quarter revenues of $1.3 billion, primary due to the delivery of 15,564 vehicles. The same period a year ago, Rivian’s revenues were at $536 million.
Rivian continues to trim its losses as it ramps up production and reduces costs.
Rivian reported a third-quarter net-loss of $1.3 billion, down from $1.7 billion during the same period a year ago.
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