Rivian, the American automotive and technology company founded in 2009, announced on July 3 that it has produced 13,992 electric vehicles (EVs) in the second quarter of this year, 4,597 more than in the first quarter of 2023, when Rivian produced 9,395 EVs and delivered 7,946.
According to their announcement, Rivian delivered 12,640 electric vehicles in Q2 of 2023 — 14.9% more than the 11,000 estimated by Visible Alpha.
Q2 production and delivery numbers are in:
Vehicles Produced – 13,992
Vehicles Delivered – 12,640Our ramp is progressing and we remain confident with our annual production guidance.
— Rivian (@Rivian) July 3, 2023
The company says that these figures remain in line with their expectations, and that it “believes it is on track to deliver on the 50,000 annual production guidance previously provided.”
“These figures suggest Rivian might just have what it takes to stick it out,” said head of financial analysis at AJ Bell Danni Hewson.
The news has had a positive impact on the company’s stock, which surged over 13% following the announcement.
The rise in Rivian’s stock price on July 3 marked the first time it had entered positive territory since the end of February.
The stock has shown an overall growth of approximately 5% in 2023, closing at $19.56 per share on Monday, its highest closing price since February.
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In a recent interview at the Deutsche Bank Global Auto Industry Conference, Claire McDonough, CFO of Rivian, stated that the company is starting to “see some relief in supply chain issues that have plagued the industry in recent years.”
McDonough remarked: “As we sit here today, we’ve seen a material improvement in the broader supply base and supply chain as we look at the broader backdrop.”
She further mentioned that “as supply chains have gotten better, freight costs have also improved. And so we saw some of those benefits as well.”
On July 2, Tesla announced that it had also delivered a record number of vehicles in the second quarter of 2023, likewise surpassing market estimates.
Tesla’s achievement was attributed to price reductions and U.S. federal tax credits, which made its EVs more accessible.
The company delivered 466,140 vehicles between April and June, representing a 10% increase from the previous quarter and an 83% increase compared to the same period last year.
Editor’s Note: The opinions expressed here by the authors are their own, not those of Impakter.com — In the Featured Photo: Rivian’s Electric Vehicle R1T, March 5, 2023. Featured Photo Credit: Wikimedia Commons.
