Rivian (RIVN) delivered extra automobiles than anticipated within the fourth quarter, beating Wall St expectations. After overcoming its current provide scarcity, the EV maker is seeing momentum decide up. Right here’s a take a look at what number of EVs Rivian delivered in This autumn and 2024.
What number of EVs did Rivian ship in This autumn 2024?
Rivian delivered 14,183 automobiles within the closing three months of 2024, simply topping estimates of round 13,500. This excessive supply complete allowed Rivian to satisfy its full-year steerage.
With 51,579 EVs delivered in 2024, Rivian’s complete was inside its 50,500 to 52,000 goal. It was additionally barely larger than the 50,122 automobiles delivered in 2023. Rivian’s This autumn deliveries surged over 40% from the earlier quarter. It was additionally the corporate’s highest in 2024.
Rivian produced 12,727 automobiles within the fourth quarter, soundly beating estimates. In complete, Rivian constructed 49,476 EVs in 2024, barely above its 47,000 to 49,000 steerage.
Nevertheless, the corporate lowered its full-year manufacturing aim in October from its earlier 57,000 goal after a provide scarcity started in Q3.
| Q1 2024 | Q2 2024 | Q3 2024 | This autumn 2024 | Full-Yr 2024 | 2024 steerage | |
| Deliveries | 13,588 | 13,790 | 10,018 | 14,183 | 51,579 | 50,500 – 52,000 |
| Manufacturing | 13,980 | 9,612 | 13,157 | 12,727 | 49,476 | 47,000 – 49,000 |
In a press release, Rivian stated, “The beforehand mentioned scarcity of a shared part on the R1 and RCV platforms is not a constraint” on manufacturing.
After shutting down operations in Regular in April to introduce new upgrades, Rivian has been aggressively slicing prices. CEO RJ Scaringe stated in November that the corporate is seeing “significant progress” on decreasing materials prices with new provider contracts and know-how.
Rivian’s internet loss fell to $1.1 billion within the third quarter, down from $1.34 billion in Q3 2023. The corporate misplaced round $39,000 on every car delivered in Q3, up from the $30,648 loss the earlier 12 months. Nevertheless, that is nonetheless a large enchancment from the over $139,000 loss per car in Q3 20222.
The corporate ended the third quarter with $6.7 billion in money and equivalents, together with a $1 billion convertible observe from Volkswagen.
Rivian and Volkswagen launched a brand new three way partnership value as much as $5.8 billion, which Scaringe stated is a “significant monetary alternative.”
The EV maker confirmed it’s nonetheless on observe to publish its first optimistic development revenue within the fourth quarter. Overcoming the current manufacturing hurdle is an enormous step in hitting its aim.
Rivian will launch its This autumn 2024 monetary outcomes after the market closes on February 20. Keep tuned for extra. After releasing its fourth-quarter numbers, Rivian’s inventory was up over 10% in pre-market buying and selling on Friday. In the meantime, share costs are nonetheless down round 30% over the previous 12 months.
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