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Rivian (RIVN) released its third-quarter earnings after market close Tuesday, showing strong results as production and deliveries picked up. Meanwhile, losses are shrinking…

Earnings preview

The EV maker continued progressing in the third quarter, easily surpassing expectations with 15,564 vehicles delivered.

Rivian’s deliveries were up 24% from Q2 and more than double last year’s figures. The company built 16,304 EVs during the quarter, representing 17% growth from Q2.

As Rivian better leverages its manufacturing facility, the cost of building each vehicle is decreasing. Rivian lost $32,595 on each vehicle it made in the second quarter. Although still a high number, it’s down over 50% from the first quarter’s loss per vehicle of $67,329. Also, it should be noted it is still working through its backlog of early orders, many of which were priced ~$20K below current prices.

CEO RJ Scaringe previously said the automaker will see a “very clear staircase” toward profitability. Rivian has been one of the few automakers to avoid cutting prices this year.

Rivian’s Q3 preliminary results indicate between $1.29 billion and $1.33 billion in revenue, in line with Wall St estimates of $1.3 billion.

Investors will watch Rivian’s loss per vehicle and margins closely as the EV maker accelerates production which is now over double YoY.

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Rivian R1T (Source: Rivian)

Rivian Q3 earnings results

Rivian generated $1.34 billion in revenue in Q3, up from $1.12 billion in Q2, beating estimates as deliveries continued progressing.

Gross profits improved in the third quarter. Rivian posted a negative gross profit of $477 million in Q3 compared to $917 million last year.

Rivian’s gross profit per vehicle delivered improved by about $2,000 during the quarter, with a loss of around $30,500 per vehicle.

Rivian-Q3-earnings-2023
(Source: Rivian)

The company said the gross profit improvement was due to scaling production and cost-reduction efforts in the quarter.

Rivian’s operating expenses grew to $693 million compared to $857 last year as the EV maker increased output.

The EV maker’s net loss reached $1.3 billion in Q3, up from $1.12 billion in Q2. However, the number is still down from $1.7 billion last year and $1.4 billion in Q1.

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Rivian Q3 2023 earnings (Source: Rivian)

In light of the progress, Rivian is increasing its production target for 2023 to 54,000, up 2,000 from its previous goal.

The company also raised adj. EBITDA guidance to ($4 billion) from ($4.2 billion) and lowered CapEx to $1.1 billion.

Rivian ended the third quarter with 9.13 billion in cash and equivalents, down slightly from $9.2 billion at the end of June. With its revolving credit facility, the company had $10.25 billion in liquidity.

In another significant milestone, Rivian announced it will enable other companies outside of Amazon to purchase its EDVs.

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Velotric Nomad 2 launched as an ultra-comfortable fat tire adventure e-bike

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Velotric Nomad 2 launched as an ultra-comfortable fat tire adventure e-bike

Velotric has continued to regularly update its popular e-bike models, with the latest launch today bringing us the Nomad 2. This fat tire adventure bike carries a host of new features and components, offering a powerful yet comfortable ride on both city streets and off-road trails.

The Velotric Nomad 2 sports a 750W nominally-rated motor with a true 90 Nm of torque. In other words, it’s designed to eat hills for breakfast and lay down some real power when riders need it most. And with both throttle-activated control and 15 levels of responsive pedal assist, that power can be dialed in to the right level for each rider’s own taste. And with a maximum speed of 28 mph, the bike is fast enough to keep up with traffic… when riders aren’t enjoying a relaxing trail ride.

Speaking of pedal assist, Velotric offers what they call SensorSwap, a feature in the pedal assist system that uses both a cadence sensor and a torque sensor and allows riders to select which sensor is being used at any time. The former allows riders to pedal easily while still getting impressive power output from the motor, while the latter offers more intuitive riding that provides a more natural feeling akin to pedaling a bike with extra powerful legs.

Torque sensors are often considered superior for their more refined experience, but cadense sensors are still praised by riders who don’t want to put in the extra effort required by torque sensors. With a torque sensor, the rider’s pedaling effort is multiplied, but a cadense sensor lets riders feel like they’re pedaling without needing to actually provide as much of their own ‘oomph’.

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The Nomad 2’s design includes off-road features such as 26×4.0″ tires, a 100mm travel hydraulic suspension fork, and an included parallel linkage suspension seat post.

Combined with the powerful motor that offers 1,000 lb of towing capacity (plus 505 lb of payload), the 75 lb e-bike is built to handle just about anything, and that includes nearly any trail.

“Sometimes the road less traveled is the better one,” says Adam Zhang, the CEO of Velotric. “Nomad 2 speaks to those who love the journey, and the occasional detour! Whether you’re climbing trails, hauling heavy loads, or simply cruising, our latest bike gives you the freedom to ride further, faster, and more comfortably than ever before.”

And since off-road adventures often don’t have clear-cut end times, the bike offers 65 miles of maximum range thanks to the 48V and 14.7 Ah battery with 705 Wh of capacity. That battery is UL-listed and IPX7 waterproof, meaning you can dunk it in water. I’ve done exactly that with Velotric batteries before and they’ve survived for many more rides.

Rounding out the feature list includes a 3.5″ color display, Bluetooth connectivity, USB-C phone charger, 500 lumen headlight, tail light with turn signals, included rear rack with fenders, hydraulic disc brakes, an 8-speed Shimano transmission, and more.

The Velotric Nomad 2 is priced at $1,999 and went on sale today.

Riders can snag it in two sizes with four color options, and with a choice between a high-step and a step-through frame style.

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Tesla store gets taken over by Musk protesters, 9 people arrested

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Tesla store gets taken over by Musk protesters, 9 people arrested

A Tesla store in New York City has been taken over by people protesting Elon Musk – disrupting the operations.

As we have reported over the last few weeks, there’s a growing movement called “Tesla Takedown,” under which grassroots protests are being organized at Tesla stores around the world.

There have been many more protests this weekend. Some of them had truly impressive turnouts.

For example, hundreds of people showed up to protest at Tesla’s Tuscon location (via Andy Flach):

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These protests have been peaceful and legal, but there have been a few exceptions.

At Tesla’s Manhattan store in New York City today, some protestors managed to get inside the store and it started to cause problems.

Here’s a video (via Oliya Scootercaster ):

About 300 people showed up to the protests. Most of them stayed protesting peacefully outside, but a handful of people got in and Tesla employees had to close the stores as more tried to get in.

The police confirmed having arrested 9 people, but the charges are not clear as of now.

In videos of the aftermath, it looks like a few glass doors and windows were broken.

Similar protests have been reported in most major cities in the US and they are planned for the next few weeks.

Electrek’s Take

This is getting bigger and still gaining momentum. I’m honestly surprised by the response. I thought it would last weekend with a few dozen people at a few stores and that’s it.

But it looks like now thousands of people are getting active and it’s becoming a real problem for Tesla.

Enough to get the board to act and remove Elon Musk? I doubt it. Elon has done plenty of fireable offenses and they haven’t even blinked – because they are all in Elon’s pockets.

I think the stock price is the only thing that can really get things moving.

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MAN Trucks Electric Commercial Vehicles Consultation wants to electrify your fleet

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MAN Trucks Electric Commercial Vehicles Consultation wants to electrify your fleet

Electrifying your commercial fleet is a tricky thing. Sure, you want to cut your fuel costs. You want to reduce your operating variables. Heck you you even want to help corporate meet their ESG goals – but where do you start? MAN Trucks is here to help fleet managers get answers.

As more and more heavy trucking fleets begin to deploy electric assets, they’re proving that operators’ range anxiety may be a myth on most routes. That’s true enough here in North America, and truer still in Europe where distances between cities are condensed and trucks like the Mercedes eActros and Renault E-Tech T semi roam.

MAN Trucks are also a popular choice in Europe, and their leadership – unlike most in the industry – have been especially vocal in their criticism of hydrogen, and have fully embraced battery-electric vehicles. As such, it’s no wonder that the company took to LinkedIn to announce its MAN electric commercial vehicles consultation team.

“It’s Full Power here with the MAN electric commercial vehicles consultation team,” writes Roger Turnbull, Head of EV Truck Consultation at MAN Truck. “After another busy week of meetings presenting to haulage and transport organizations of all sizes across the UK – you can feel the EV interest and enthusiasm growing.”

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MAN Trucks’ consultation team helps commercial fleet operators in Europe and the UK fully understand the needs of their fleet, analyzes their fuel and maintenance costs, and helps them get a better understanding of what fleet assets are prime candidates for electrification, and what sort of charging solutions might work best for their operations – and that doesn’t always mean on-site charging.

With the capacity for onsite charging now becoming a reality for many plus proof that operators range anxiety maybe a myth on most routes, our industry is already stepping up a gear to find out more.

ROGER TURNBULL, MAN TRUCKS

Off-site charging solutions like those offered by Voltera and Zeem here in the US seem to be somewhat less common in Europe, but the electric trucking infrastructure as-a-whole seems to be a step or two ahead. That, combined with generally higher fuel costs compared to the US, make it a bit easier for fleets to electrify. And MAN will help them see that.

The best part? MAN’s consultation is free, and requires no obligation to buy. “Your MAN EV Consultation Team in the UK offer free information, advice and support,” offers Turnbull. “[Everything] from the basics to multi-vehicle using multiple site locations. Factually checked and honest.”

You can’t do much better than free, right?

Electrek’s Take

Fleet assessments and fleet asset audits are crucial steps on the path to successful fleet electrification. These comprehensive evaluations provide fleet operators with valuable insights into their current fleet operations, energy consumption patterns, and infrastructure needs. By carefully analyzing this data, fleet managers can make informed decisions about which vehicles to prioritize for electrification while minimizing the potential for “surprises” once the trucks are delivered and the funds are tied up.

If you’re a fleet manager reading this, you should get a fleet energy analysis set up soon – whether you’re planning to electrify or not.

SOURCE | PHOTOS: MAN Trucks.

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