Rivian’s Q3 deliveries for its electric vehicle along with its production numbers reveal another outstanding quarter and significant ramp-up progress for manufacturing. Rivian’s Q3 beats its previous quarter’s performance.
Electric-vehicle maker Rivian Automotive (RIVN.O) on Monday reported Q3 deliveries above market expectations, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs). The Irvine, California-based startup said it was on track to produce 52,000 vehicles in 2023 a target it raised in August from 50,000 vehicles as supply-chain bottlenecks eased.
Rivian’s Q3 deliveries
Rivian Q3 estimates as per company it produced 16,304 battery electric vehicles (BEV) at its manufacturing facility in Normal, Illinois, which is 121 percent more than a year ago and a new record.
In terms of Rivian’s Q3 deliveries, Rivian reports 15,564 units which is 136% up year-over-year. Rivian’s Q3 deliveries created a new record too, and a clear sign that things are improving on the carmaking front. As per a report, like many EV startups Rivian has a long way to go toward financial stability. Rivian has spent about half of its $18 billion cash pile and lost about $33,000 on each truck it sold in Q2.
Rivian does not disclose the numbers for particular models, so those are the total values for its three BEVs: R1T pickup, R1S SUV, and EDV commercial vans for Amazon.
Rivian’s performance
Rivian’s estimated results quarterly and yearly is as below:
Rivian Q3 estimated results YOY change:
- Rivian Q3 production: 16,304 (up 121%)
- Rivian Q3 deliveries: 15,564 (up 136%)
So far this year, Rivian produced over 39,000 electric vehicles and delivered more than 36,000. Which in both cases means results are almost three times higher than a year ago.
Rivian Q1-Q3’2023 results YOY change:
- Total production: 39,691 (up 177%)
- Total deliveries: 36,150 (up 194%)
For reference, in 2022, Rivian produced 24,337 electric vehicles and delivered 20,332 to customers.
Rivian Q3 beats production previous quarters
According to previous reports, more than 18,000 Rivian R1T and R1S were registered in the U.S. during the first seven months of the year. Rivian Q3 beat the other quarters as through September, it might be a number at least between 20,000 to 25,000 estimated.
In its statement, Rivian briefly expressed its belief that will be able to produce 52,000 electric vehicles this year. “These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 52,000 annual production guidance previously provided.” Who knows, with another strong quarter, Rivian might be able to noticeably beat this forecast.
Cumulatively since Q3 2021, Rivian produced more than 65,000 EVs and delivered more than 57,000. Most of the production so far was for the U.S. market.
Rivian’s positive progress
We don’t know what the current reservation number is for the R1T/R1S vehicles, nor do we know how many vans for Amazon were delivered (out of up to 100,000 contracted). There is a chance that Rivian will release an update on this topic in its upcoming third quarter 2023 financial report, which is scheduled for November 7, 2023.
But even with the usual startup financial headwinds, this is positive progress for Rivian. On top of that, the company is expanding its lineup with additional powertrain and battery versions of the R1T (up to 410 miles of range) and R1S (up to 352 miles of range).
Rivian’s stock news
Rivian’s stock, however, were trading marginally lower as some investors, according to Needham & Co analyst Chris Pierce, thought it was a smaller-than-expected beat on deliveries compared with Rivian’s performance in the first half. The stock have enjoyed some positive momentum lately. Rivian stock upgrade just ahead of the company’s third-quarter delivery report, which turned out to be better than expected.
Rivian stock news came just before the company disclosed its Q3 performance numbers.
The S&P 500 was down about 0.2% and the Nasdaq Composite was up about 0.4%. Rivian stock rose more than 3% in premarket trading but then slipped back for a loss of about 2.8% to $23.60.
