Rivian Set Record EV Production And Deliveries In Q4 2022

However, the company missed the 25,000 annual production guidance.

Rivian R1S in Compass Yellow

Mark Kane

By: Mark Kane

Jan 4, 2023 at 8:15am ET

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Rivian once again has improved its quarterly electric vehicle production and deliveries, achieving new record levels during the fourth quarter of 2022.

During the period, the company produced at its manufacturing facility in Normal, Illinois, 10,020 battery electric vehicles (BEV), which is 2,657 (or 36 percent) more than in Q3. Compared to a year ago, the volume is 10 times higher (1,003 BEVs produced in Q4 2021).

In the case of vehicle deliveries, Rivian reports 8,054 units. That's 1,470 (or 22 percent) more than in Q3. It seems that production improved noticeably faster than deliveries. A year ago, Rivian delivered 909 BEVs.

Rivian does not disclose the numbers for particular models, so those are the total values of three BEVs: R1T pickup, R1S SUV, and EDV 700 vans for Amazon. We can only imagine that the R1T remains the top-selling Rivian model, but there is no official confirmation.

Rivian Q4 2022 results (YOY change):

Production: 10,020 (up 899%)
Deliveries: 8,054 (up 786%)

Rivian production and sales results - Q4 2022

On a full-year 2022 basis, Rivian produced 24,337 electric vehicles and delivered 20,332 to customers.

Rivian YTD results (YOY change):

Production: 24,337 (up from 1,015 in 2021)
Deliveries: 20,332 (up from 920 in 2021)

It means that the company missed the 25,000 annual production guidance, repeated a few times last year as possible to achieve.

Cumulatively (since Q3 2021), Rivian produced over 25,000 electric vehicles and delivered over 21,000. Almost the entire production so far was for the US market (deliveries in Canada started in November).

We can also see that deliveries lag slightly behind production - by around 4,000 units as of the end of the year.

On the positive side, assuming the Q4 production rate, Rivian should be already able to produce 40,000+ units annually and this number is expected to further increase. We don't know anything for sure, but the potential target for 2023 might be beyond 50,000 BEVs.

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The number of pre-orders for the R1T/R1S in the US and Canada - as of November 7, 2022 - increased to 114,000 (net number). On top of that is a fleet of 100,000 vans for Amazon (including 10,000 originally expected in 2022).

In parallel to ramping-up production, Rivian is also building its exclusive Rivian Adventure Network (RAN) DC fast charging network.