Tesla and Rivian have shared their quarterly delivery and production numbers, giving insight into the emerging electric vehicle segment’s progress as the industry prepares for the final three months of 2023.
Tesla saw both sales and manufacturing decline from the April-June period, placing the company’s performance slightly behind expectations for the third quarter. In total, the EV brand delivered 435,059 units and produced 430,488, a quarter-over-quarter decline of 6.7% and 10.2%, respectively. However, both numbers were substantially improved from the same period last year. Company CEO Elon Musk attributed the decreases to factory upgrades, which resulted in the closures of multiple Tesla facilities between July and September. The electric vehicle manufacturer still expects to reach its annual delivery goal of 1.8 million units in the coming months. Tesla shares rose 1% as trading resumed on Monday.
On the other hand, Rivian saw its numbers improve over the third quarter, allowing it to beat analyst forecasts for the period. The EV startup reported deliveries of 15,564 units and a production total of 16,304, representing increases of 23.1% and 16.5%. The company still expects to reach its production target of 52,000 units before the end of the year, which is now only 12,300 vehicles away. However, investors in the electric vehicle maker were less optimistic about the coming months. Although the electric vehicle maker’s performance has now improved for multiple consecutive quarters, its gains in Q3 paled in comparison to those in Q2 when deliveries and production improved by 59% and 48.9%. Despite beating forecasts for the July-September period, the automaker saw its shares trend downward after the release of its report.
Although both companies trended in different directions over the third quarter, Tesla and Rivian ultimately maintained their positions in the electric vehicle segment. Although demand for EVs remains far behind industry expectations, the sector is progressing at an admirable pace as infrastructure and model selection improve.