Posted on July 3, 2023
Rivian, the electric vehicle (EV) manufacturer, has reported a successful second quarter, exceeding expectations with its EV deliveries and production. The company delivered 12,640 EVs in Q2, resulting in a significant surge in Rivian's stock value, which increased by over 13%.
This excellent performance follows a somewhat slow start to the year when Rivian produced 9,395 vehicles in Q1 and delivered 7,946. The company had warned that retooling its EV assembly line to incorporate its new in-house Enduro drive units would slow down progress. However, Rivian remained positive, indicating plans to boost output throughout the year by streamlining production processes and reducing costs.
This strategy seems to be paying off, with Rivian manufacturing 13,992 EVs at its Normal, Illinois facility during Q2. This represents an impressive 48% increase from the first quarter, significantly surpassing analyst forecasts of around 11,000 deliveries for the period. Rivian now believes it is on track to achieve its annual production guidance of 50,000 vehicles.
The surge in deliveries and production has had a positive impact on Rivian's stock, which increased by over 8% in pre-market trading and was up by an additional 15% at the time of writing.
Commenting on the news, one observer stated, "Suddenly, out of nowhere, I've been seeing R1S models driving all over Portland as if some floodgates opened. They are actually quite fantastic, solid-looking SUVs. All I can say is I'm jealous."
Rivian's announcement comes hot on the heels of Tesla's record-breaking second quarter, during which it delivered more than 466,000 EVs.
In a recent interview, Rivian's CFO, Claire McDonough, stated that the company was beginning to see some relief from the supply chain issues that have affected the industry over the past few years. She also confirmed that Rivian's Enduro production ramp is ahead of schedule, and the first saleable R1 series model fitted with the in-house drive unit was manufactured in Q2. McDonough also indicated that Rivian has a robust backlog of preorders extending into 2024 and is now focusing on the production of the R1S electric SUV to meet demand.
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