Rivian EV Production Hit A New Record In Q4 2023 Beating Annual Guidance

Deliveries also surged year-over-year, but without a quarterly record this time.

2022 Rivian R1S

Mark Kane

By: Mark Kane

Jan 2, 2024 at 5:00pm ET

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Rivian revealed very positive electric vehicle production and delivery numbers for the fourth quarter and full year 2023.

During the fourth quarter of 2023, the company produced 17,541 battery electric vehicles (BEV) at its manufacturing facility in Normal, Illinois, which is 75% more than a year ago and a new record (its third in a row).

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Rivian results consistently improve

No EV start-up has a smooth market launch, especially when launching three models simultaneously as Rivian did in late 2021/early 2022. However, the company managed to stabilize the situation, achieving a strong growth rate and a solid year of sales in 2023.

In terms of vehicle deliveries, Rivian reports 13,972 units (up 73% year-over-year). This result is also good news, although it's not a record compared to the 15,564 units sold in Q3.

We don't know why the company was not able to sell more vehicles in Q4 than in Q3, despite more vehicles being produced (and thus available for delivery). Hopefully, it was not related to a demand issue, which probably is a concern for Rivian investors, as the stock went down by a tenth or so recently, to around $21 per share.

Rivian did not disclose the numbers for particular models, so those are the total values for its three BEVs: R1T pickup, R1S SUV, and EDV commercial vans for Amazon.

Rivian Q4'2023 results (YOY change):

Total production: 17,541 (up 75%)
Total deliveries: 13,972 (up 73%)

Rivian EV Production - Q4 2023

Rivian EV Deliveries - Q4 2023

In 2023, Rivian produced over 57,000 electric vehicles and delivered more than 50,000, which in both cases means that the results were more than two times higher than a year ago.

Rivian Q1-Q4'2023 results (YOY change):

Total production: 57,232 (up 135%)
Total deliveries: 50,122 (up 147%)

The production result is more than 3,000 higher than the latest guidance of 54,000 units for 2023 (increased from 52,000 a few months ago).

For reference, in 2022, Rivian produced 24,337 electric vehicles and delivered 20,332 to customers.

Cumulatively, Rivian produced over 82,500 electric vehicles and delivered over 71,300. The difference between the two numbers is roughly 11,200 (including over 3,500 in Q4) or less than one quarter's worth of sales. Most of the production so far was for the U.S. market (deliveries in Canada started in November 2022).

According to a previous report, 35,751 Rivians were registered in the United States during the first 10 months of the year. Through October, The Rivian R1S was the eighth most registered BEV in the U.S. (19,387), just behind the Tesla Model X.

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Most recently, Rivian introduced a new 400-mile Max Pack battery option, which should attract customers looking for more range than the standard 350 miles in the case of the Large Pack option.

And here is the company's own look back at the 2023: