Rivian has recently released the production figures for the quarter and year ending on December 31, 2023. According to the disclosure, the company has manufactured 17,541 vehicles at its Normal, Illinois, factory and delivered 13,972 to customers.
For the first three quarters of the year, Rivian’s output and deliveries steadily increased, but while production figures rose in Q4, deliveries fell by 10.2% from the previous quarter. Although deliveries were up 74% from last year, they still fell short of Wall Street’s expectations of over 14,000 vehicles. Moreover, the decline indicates a weakening interest in the company’s lineup of high-end EVs.
On a full-year basis, Rivian produced 57,232 vehicles and delivered 50,122, exceeding their most recent full-year 2023 production guidance of 54,000 cars. Following the Q3 results, Rivian raised their Q4 production guidance by 2,000 in November. Despite higher interest rates and more competition, the company continues to grow through several incentives.
Moreover, Rivian is also preparing to construct its second production facility, a massive $5 billion EV facility in Bryan County, GA, which will house its R2 series. The R2 will be more affordable as the business grows, starting between $40,000 and $50,000. Rivian is slated to hold a groundbreaking ceremony in early 2024.
The announcement comes after Tesla smashed yet another delivery milestone in Q4 with nearly 484,5 0 deliveries, exceeding its target of 1.8 million for 2023.
The company also announced that it will report fourth-quarter earnings after markets close on February 21, 2024.
