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Rivian Earnings and Revenue Beat Estimates; 2023 Production Guidance Raised

TheMotleyFool

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Rivian Earnings and Revenue Beat Estimates; 2023 Production Guidance Raised: https://g.foolcdn.com/editorial/images/743395/rivian-stock-earnings-electric-suv.jpg

Shares of Rivian Automotive (NASDAQ: RIVN) were flat in Tuesday's after-hours trading session following the premium electric vehicle (EV) maker's release of its second-quarter 2023 results.

On the positive side, the quarter's revenue and adjusted earnings per share came in higher than Wall Street had expected. Moreover, management increased its 2023 production guidance to 52,000 total units, up from 50,000.

On the other hand, many investors are still probably concerned about Rivian's cash-burn rate. It's crucial for early-stage EV companies to quickly ramp up production to drive down their fixed cost per vehicle and lower the pace at which they burn through cash.

Source Fool.com

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