Rivian continued to shut the hole on losses, cut back prices and ramp up manufacturing within the third quarter with outcomes that beat Wall Road expectations and advised a rosier future, together with elevating its annual manufacturing steering from 52,000 to 54,000 autos.

The EV maker reported Tuesday after markets closed income of $1.33 billion, a determine pushed by deliveries of 15,564 autos and greater than double from the identical interval final yr. The corporate additionally confirmed modest 1.5% income development quarter over quarter.

On the earnings entrance, the corporate reported a third-quarter web lack of $1.37 billion, a 20% lower from the $1.72 billion in losses in the identical year-ago interval. On an adjusted foundation, the corporate reported a web lack of $942 million, or $1.19 earnings per share.

Analysts polled by Yahoo Finance anticipated income of $1.31 billion and an adjusted earnings per share lack of $1.33.

The corporate mentioned its “sturdy progress” to cut back prices has prompted it to enhance it adjusted earnings steering for the yr to a lack of $4 billion. Whereas that’s nonetheless a whopping quantity removed from break even or profitability, it needs to be famous that it has decreased some $300 million because the starting of the yr. Within the first quarter, Rivian had forecast adjusted web lack of $4.3 billion and $2 billion in capital expenditures in 2023. Rivian mentioned Tuesday it has additionally lowered its capital expenditures to  $1.1 billion largely attributable to a shift in expense timing.

“Throughout the third quarter we continued to see progress,” Rivian founder and CEO RJ Scaringe mentioned in a press release. “We produced 16,304 autos through the third quarter and proceed to ramp our Enduro drive-unit line. Because of this, we’re elevating our manufacturing steering for the yr to 54,000 whole items. We have now additionally made additional enchancment in profitability per car, launched the brand new Max pack variant with as much as 410 miles of vary, and rolled out a number of over the air updates to boost the client expertise. We delivered our 10,000th EDV to Amazon through the third quarter and right now we’re opening gross sales of the Rivian Industrial Van to new clients. This is a crucial step ahead in our mission as we glance to assist companies cut back their carbon output and advance in direction of a carbon impartial world.” 

The corporate remains to be stacked with $9.1 billion in money, money equivalents and short-term investments.

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