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In Q4 2023, Rivian EV Production Set A New Record. Surpassing Annual Guidance

Rivian released extremely encouraging figures for the fourth quarter and entire year 2023 in terms of electric car production and deliveries.

At its Normal, Illinois, production site, the company produced 17,541 battery electric vehicles (BEVs) in the fourth quarter of 2023, a 75% increase over the same period the previous year and a new record (the third consecutive quarter of this kind).
In contrast to other electric vehicle (EV) firms that had difficulties when introducing several models, Rivian was able to achieve stability, leading to a robust growth rate and a successful year of sales in 2023. Rivian reported 13,972 car deliveries, a 73% increase over the previous year. Although it’s not a record compared to the 15,564 copies sold in Q3, this number is nonetheless positive.

We are unsure of the reason for the company’s inability to sell more cars in Q4 than in Q3, even though there were more cars produced and hence on hand for delivery. Hopefully, it had nothing to do with a demand problem, which is likely a worry for investors in Rivian given that the price just dropped by around a tenth, to about $21 per share.

For Amazon, those are the total values for Rivian’s three BEVs: the R1T truck, R1S SUV, and EDV commercial vans. Rivian did not reveal the figures for specific models.

Results for Rivian Q4’2023 (YOY change):

  • 17,541 in total production (up 75%).
  • 13,972 deliveries overall (up 73%)

Rivian delivered over 50,000 electric vehicles and produced over 57,000 in 2023, meaning that both outcomes were more than twice as high as they were a year earlier.

Results for Rivian Q1–Q4’2023 (YOY change):

  • 57,232 units produced overall (up 135%).
  • 50,122 deliveries overall (up 147%).

The output outcome exceeds by over 3,000 the most recent forecast, which was 54,000 units for 2023 (up from 52,000 a few months prior).

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