Rivian (RIVN) Made 9,395 EVs In Q1 And Is On Track To Hit 50K By 2023

(CTN News) – EV maker Rivian (RIVN) posted its first quarter production and delivery totals Monday, and noted that it remains on course to meet its 2023 production guidance of 50,000 units annually.

Total production and delivery figures for Rivian for Q1 2023

According to RJ Scaringe, CEO of the young EV maker, 2022 was a challenging year as the company worked through production and supply kinks.

This is the first year Scaringe has been able to produce 24,337 vehicles after originally aiming for 25,000. Scaringe says the production ramp “has provided our team with valuable manufacturing operations and product development experience in a short period of time.”

Despite the fact that the ramp-up was impressive, Rivian CEO Claire McDonough told me the company is aiming to build at least 50,000 vehicles this year, even though by the end of 2021 it had just released over 1,000 EVs.

It is impressive that production capabilities have been doubled, though analysts had expected the guidance to be slightly higher, ranging between 60,000 and 65,000.

According to Rivian, the company plans to ramp up second shift operations at its facility in Normal, Illinois, as it progresses through the first quarter in order to increase deliveries of R1S and R1T.

After releasing its production and delivery numbers for the first quarter, Rivian said it is still on track to hit its 50,000 per year target in 2023. There were the following totals released by the EV manufacturer:

Factory gated vehicles: 9,395 vehicles

Deliveries of vehicles: 7,946

According to Rivian, the Q1 results reflect the company’s commitment to ramping up production at the Illinois plant before turning its attention to the rest of the year. According to Frank Klein, the chief operating officer of Rivian,

In addition, the company has announced that it has made progress with the integration of its new in-house “Endoru” drive unit into its EDVs, which will be delivered on schedule.

According to Rivian, these drive units will contribute to a reduction in costs and the improvement of the production process.

It seems likely that Rivian’s stock bounced up from all-time lows last week as a result of a report from Cox Automotive that indicated the EV maker had 8,145 registrations in Q1 2023, which is related to a report from Cox Automotive.

There were 7,167 deliveries in total, which was more than Wall Street expected. Today, the RIVN stock price is down by nearly 5%.

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