Rivian produces less – but sticks to 2024 production target

The US electric carmaker Rivian produced significantly fewer EVs in Q1/2024 than in the previous quarter. Nevertheless, the company is sticking to its most 2024 production target of 57,000 vehicles.

Image: Rivian

The US electric car manufacturer produced exactly 13,980 vehicles and delivered 13,588 in the first quarter. While deliveries only fell by 384 units compared to the final quarter of 2023, production output fell by 3,561 units. All vehicles were manufactured at the company’s only plant to date in Normal, Illinois. As is known, a second production facility will open its doors later this year.

By comparison, Rivian recorded a comparatively strong result in the fourth quarter of 2023, with 17,541 EVs produced and 13,972 delivered. In the second and third quarters, Rivian recorded 13,992 and 16,304 units produced and 12,640 and 15,564 deliveries, respectively. Expressed as a percentage, the decline in production from the fourth quarter of 2023 to the first quarter of 2024 was 20.3 per cent. Deliveries decreased by 2.7 per cent.

In the strikingly brief press release, Rivian states that the production and delivery results in the first quarter of 2024 were in line with Rivian’s expectations.” The carmaker also confirmed its production target of 57,000 units for 2024. It is the same as in 2023, when 57,232 vehicles rolled off the production line. The electric car startup currently produces the R1T pickup, the R1S SUV, and the Electric Delivery Van (EDV) for Amazon on a separate line. The company does not provide a breakdown of how many of each model series Rivian builds in its reports.

However, 2024 is likely to be a financially challenging year for Rivian. In 2023, the company’s net loss totalled 5.4 billion dollars (4.98 billion euros). Within three years, Rivian has already lost 16.8 billion dollars. However, as the manufacturer has extended its drive options for the two R1 models downwards over time and introduced the smaller R2 on 7 March, it is likely that increasingly cheaper Rivians will be sold. If production remains constant, the company’s turnover would fall slightly.

Rivian will publish its business figures at the beginning of the year on 7 May after the close of trading.



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