EV maker Rivian is reporting what’s expected to be a big Q3 earnings report on Tuesday after the market close. The report comes as Rivian has continued to improve its per-vehicle losses as it ramps production.
Deliveries continue growing in the third quarter
Rivian crushed expectations, delivering 15,564 vehicles in the third quarter, up 24% from Q2 and more than doubling last year’s figures. The EV maker built 16,304 EVs in Q3, 17% more than the previous quarter.
As Rivian better leverages its Normal, Illinois facility, the cost to build each vehicle has fallen significantly.
Rivian lost $32,595 on each vehicle made in the second quarter. Although this is still a high number, it’s down over 50% from the first quarter’s loss of $67,329.
The improvements are even more drastic compared to last year’s $139,277 loss per vehicle in Q3.
Q3 ’22
Q4 ’22
Q1 ’23
Q2 ’23
Rivian loss per vehicle
$139,277
$124,162
$67,329
$32,594
Rivian loss per vehicle quarterly
Investors will watch this number closely on Tuesday as Rivian reports its Q3 earnings. Scaringe previously said he expects Rivian to reach break-even on each EV built by next year.
Profitability comes into focus
Reaffirming this target, Rivian’s CEO RJ Scaringe told CNBC the company is seeing significant progress quarter-over-quarter.
Scaringe said, “What we’re going to see is a very clear staircase or set of steps that get us to profitability as a business.”
Rivian R1S (Source: Rivian)
Although scaling production has improved vehicle margins, Rivian has also introduced other cost-cutting measures. The EV maker confirmed it’s on track to reach its goal of building 52,000 vehicles this year.
Scaringe also mentioned that he does not see customer overlap with Tesla’s Cybertruck and the Rivian R1T.
Rivian has been among the few EV makers to avoid drastic price cuts. Market leader Tesla has slashed prices all year to boost demand. Tesla’s prices are down about 25% YOY.
Rivian Q3 earnings financial preview
Investors got a scare after Rivian revealed plans to issue $1.5 billion in convertible debt last month. The news came days after Scaringe said the company was “very comfortable” with the company’s “strong balance sheet.”
Rivian R1T (Source: Rivian)
Scaringe eased investors’ minds, telling Reuters that the offering was designed to free up funds as it enters a new growth phase. It’s intended to create an additional buffer rather than reflect cash concerns, according to Scaringe.
Rivian had around $9.2 billion in cash at the end of June. The EV maker’s preliminary Q3 earnings suggest between $1.29 billion and $1.33 billion in revenue, aligning with Wall St estimates of $1.3 billion.
The EV maker posted a net loss of $1.12 billion in Q2, compared to $1.7 billion last year and $1.4 billion in Q1.
After the progress, Rivian improved its adjusted EBITDA guidance to ($4.2 billion) while lowering CapEx to $1.7 billion.
Rivian stock chart over the past 12 months (Source: Rivian)
Rivian’s stock is down 45% over the past 12 months despite a hot streak following strong Q2 results.
Electrek’s Take
Several automakers, including Ford and GM, recently delayed EV targets, with widening losses on electric models.
However, others, including Hyundai and Kia, expect the momentum to continue with electric cars. Can Rivian keep the growth up? We will see Tuesday after the market closes. Check back for final details.
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Mack Trucks and Terex Utilities have announced plans to reveal the next generation of their zero-emissions utility bucket trucks at Work Truck Week in Indiana later this month – and it looks fantastic!
Co-developed by Terex Utilities and Mack Trucks on a Mack MD7 Electric Class 7 chassis, the new Terex bucket truck is a zero-emission utility capable of traveling longer distances and hauling more cargo wherever it’s needed to upgrade, or even restore power where it’s needed.
To make it work, Terex installed an Optima HR55 aerial device that draws power from a HyPower SmartPTO (Power Take Off) from Viatec. The SmartPTO replaces a conventional, mechanical PTO that’s powered by an internal combustion generator. In so doing, it avoids a loud idling engine while reducing utility workers’ exposure to toxic exhaust fumes and the heavy particulate emissions matter with idling diesels (even with Tier V standards).
“Our collaboration with Mack Trucks represents continued progress in zero-emissions utility vehicles,” explains Tyler Schwingler, Terex Utilities product marketing manager. “By combining our industry-leading Optima HR55 aerial device with Mack’s innovative MD7 Electric chassis, we’re providing utility companies with a solution that doesn’t compromise on performance or capability while supporting their sustainability goals.”
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In addition helping meet the company’s ESG goals, the Mack MD Electric is also equipped with the advanced 3rd Eye digital platform, which integrates AI-driven camera systems to enhance safety and productivity. With up to six HD cameras that display a real-time, 460-degree view on a 7-inch in-cab monitor. The bird’s-eye view all but eliminates blind spots when reversing and moving through high-traffic job sites.
“This electric bucket truck represents the next natural step in our commitment to sustainable transportation solutions,” says George Fotopoulos, vice president of E-mobility at Mack Trucks. “Our lightweight electric chassis provides the capability to handle more demanding applications, and when combined with Terex’ expertise in utility equipment, we’re delivering a solution that pushes the boundaries of what’s possible in zero tailpipe emissions utility vehicles.”
Terex will be bringing its new Mack MD Electric-based utility bucket truck to this year’s Work Truck Week at the Indianapolis Convention Center March 8-11.
The International is a fine truck, of course – but the Mack MD Electric raises the bar a bit with more range than the eMV and more rear axle capacity than anything else in its class. The MD also has enough commonality with its HD cabs and chassis that parts availability seems to be top of the class. Pair that with parent company Volvo’s global reputation for quality and progressive ideologies and, well … let’s just say we all have our favorites.
Officially dubbed the Tadano eGR-1000XLL-1 EVOLT, the big mobile crane ships with six lithium ion battery packs offering up to 226 kWh of power. Tadano says that’s good enough for up to seven hours of continuous operation in a single spot, or or up five hours of continuous operation and five-and-a-half miles of driving before it runs out of juice.
Re-juicing (?) the big crane is achieved with a standard CCS/J1772 DC fast charger with speeds up to 150 kW. That’s enough, Tadano says, to fully charge the eGR-1000XLL-1’s batteries in under two hours, or overnight on an 80A 220/240V AC charger … but all that is besides the point.
Grid-connected power for 24/7 use
eGR-1000XLL1 EVOLT graphic; via Tadano.
The EVOLT’s real superpower isn’t its big battery or 100-ton lifting capacity. Instead, it’s the crane’s ability to operate 24/7 when it’s on grid power. If the job site loses power or power has to be shut down as part of regular operations, the crane can keep things moving under battery power for up to seven hours. It can even be connected to mobile charging stations if seven hours isn’t enough, or driven a few miles back to grid power to be charged up.
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And, with 4x4x4 drive, those few miles don’t have to be paved … or even cleared, probably, making the big Tadano perfect for disaster recovery efforts.
“We are very confident in the investment we’ve made in this crane,” said Dean Barley, president and CEO at Tadano America of the 100-ton-capacity machine. “This crane has been tested and retested. We wanted to make sure that the first fully electric rough terrain (RT) crane in North America meets all the requirements of the market.”
Speaking of health risks, swinging up to 100 tons of material around can be dangerous work. That’s where Tadano’s Lift Visualizer and AML Crane Control safety systems come into play:
LIFT VISUALIZER The eGR-1000XLL-1 also offers Lift Visualizer to enhance safety and efficiency. This feature utilizes a suspended load monitoring camera, allowing operators to monitor suspended loads directly from above. Particularly useful in blind spots such as rooftop work, the Lift Visualizer pulls critical lift information from the AML control system and displays it on the video screen, including radius, capacities and load, among others, to improve efficiency and safety for the operator.
AML CRANE CONTROL The AML Control System delivers dependable crane control and monitoring solutions, ensuring safe and efficient performance during crane operations. This system incorporates the latest advancements from Tadano rough terrain cranes, featuring an enhanced operator interface, a broad range of functionalities and the renowned reliability and ease of use characteristic of Tadano products. The system facilitates time and cost savings through straightforward on-board diagnostics, improved settings and easily adjustable lifting limits.
In addition to offering the ability for construction crews to bid on work they simply couldn’t get without an electric option, the company says its new EVOLT models will reduce operating costs on an annual basis by about 35% compared to the diesel-powered version of the same crane. That estimate includes costs of fuel and electricity, as well as maintenance and downtime costs at an estimated 1,200 engine hours per year.
You can check out the full specs on the eGR-1000XLL-1 EVOLT, below, then let us know what you think of Tadano’s latest HDEV in the comments.
Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
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No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
Backup power: EV batteries can be used as backup power sources during outages.
Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
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