Rivian released its quarterly electric vehicle production and delivery numbers, which are significantly better than a year ago (an effect of ramp-up), but slightly below the records noted in Q4 2022.
During the first quarter of 2023, the company produced at its manufacturing facility in Normal, Illinois, 9,395 battery electric vehicles (BEV), which is 268 percent more than a year ago. Compared to Q4, the result is lower by 625 units, but let's remember that Q4 has its year-end rush.
In terms of vehicle deliveries, Rivian reports 7,946 units (up 548 percent year-over-year). In this case, the result is a bit lower than in Q4 (by 108 vehicles).
Rivian does not disclose the numbers for particular models, so those are the total values of three BEVs: R1T pickup, R1S SUV, and EDV vans for Amazon (we recently heard that over 3,000 were deployed). As we understand, the R1T remains the top-selling Rivian model, but there is no official confirmation.
Rivian Q1 2023 results:
- Production: 9,395 (up 268% year-over-year)
- Deliveries: 7,946 (up 548% year-over-year)
Rivian EV Production Results - Q1 2023
Rivian EV Deliveries Results - Q1 2023
As we can see in another chart, the first quarter was mostly the same as Q4 and most likely we should expect that both - production and deliveries - will increase gradually through 2023.
Rivian wrote in a short update that its target is to produce 50,000 electric vehicles in 2023:
"These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided."
For reference, in 2022, 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)
Cumulatively (since Q3 2021), Rivian produced nearly 35,000 electric vehicles and delivered over 29,000. Almost the entire production so far was for the US market (deliveries in Canada started in November 2022).
In its Q4 2022 financial report, Rivian was silent about the number of reservations for the R1T/R1S (it was 114,000 as of November 7, 2022), but noted that the net preorder backlog extends into 2024. On top of that, there 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, but as we understand, it's doubtful that the installation of 3,500 fast chargers at 600 sites across North America will be completed by the end of 2023 (the original target).
