Rivian Improved Production And Deliveries In Q1 2024
Both numbers represent solid improvements over Q1 2023, but they aren't quite as high as Q3 and Q4 of last year.
Rivian reported vehicle production and delivery numbers for the first quarter of 2024, revealing more year-over-year growth.
During Q1 2023, the company produced 13,980 all-electric vehicles at its manufacturing facility in Normal, Illinois, 49% more than a year ago. Rivian reported 13,588 deliveries, too, up 71% year-over-year.
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Rivian expects a flat year
So far, Rivian was consistently increasing its EV production and deliveries (year-over-year). However, the company set a guidance for the annual production of 57,000 in 2024, which would be the same as the result achieved in 2023.
These numbers mark the best first quarter ever recorded. However, sequentially, there is no growth. Vehicle deliveries in Q1 were lower than in Q3 and Q4 2023. Vehicle production was lower than in the past three quarters (Q2-Q4 2023).
Rivian did not disclose the numbers for individual models, so those are the total values for its three BEVs: the R1T pickup, R1S SUV and EDV commercial vans.
Rivian Q1'2024 results (YOY change):
- Total production: 13,980 (up 49%)
- Total deliveries: 13,588 (up 71%)
Rivian EV Production - Q1 2024
Rivian EV Deliveries - Q1 2024
For reference, in 2023, Rivian produced over 57,000 electric vehicles and delivered more than 50,000. In both cases, the results more than doubled compared to 2022.
Rivian Q1-Q4'2023 results (YOY change):
- Total production: 57,232 (up 135%)
- Total deliveries: 50,122 (up 147%)
2024 will be different. Rivian announced guidance for the annual production of 57,000 total vehicles and reaffirmed it in the most recent statement. It means that production (and potentially sales) should be mostly flat compared to 2023.
With solid year-over-year growth in Q1, it'd take year-over-year decreases in other quarters to end up flat for the year. We'll see if that happens, or if Rivian pulls out a better-than-forecasted 2024.
Cumulatively, Rivian has produced over 96,500 electric vehicles and delivered almost 85,000. The difference between the two numbers is roughly 11,600 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).
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