Rivian’s deliveries rise 58 per cent as its annual target stays unchanged
Rivian delivered 19,248 vehicles in the third quarter, about 58 per cent more than in the previous quarter. The company kept its annual delivery range at 65,000–70,000 vehicles as R2 production expands. Deliveries reached 41,807 over nine months, leaving a larger final quarter needed to meet the target. Quarterly financial results are scheduled for 29 October.
Economics & Markets··Morning
Rivian increases deliveries while retaining its annual outlook
Electric vehicle maker Rivian released its third-quarter production and delivery figures on 2 October and maintained its annual delivery outlook. The announcement comes during an expansion of production for its smaller R2 model.[1], [2]
Quarterly deliveries reached 19,248 vehicles, about 58 per cent above the second quarter’s 12,194. The total was also about 46 per cent above the 13,201 delivered a year earlier. Rivian’s production reached 19,751 vehicles at its plant in Normal, in the US state of Illinois.[1]
The annual target requires a larger final quarter
Rivian kept its annual guidance at 65,000–70,000 vehicles. Deliveries over the first nine months reached 41,807, approximately 440 short of the whole of last year. The unchanged annual range requires about 23,200 deliveries in the final quarter to reach its lower end and about 28,200 to reach its upper end. These amounts follow from the annual target and the nine-month total.[1]
R2 expansion precedes the October financial release
In July, Rivian said it expected to add a second R2 production shift at Normal by the end of the third quarter. The company also retained its objective of positive R2 gross profit at the year-end exit rate. That objective concerns the production run rate at year-end, rather than gross profit throughout the year.[1]
Rivian is scheduled to release third-quarter financial results on 29 October.[1]
