Electric vehicle manufacturer Rivian has announced its Q1 production and delivery numbers, with 9,395 vehicles produced and 7,946 delivered.
These numbers are in line with the company’s expectations, and they are confident in achieving their previously stated annual production guidance of 50,000 vehicles.
“This is a great start to the year, and we remain on track to hit our annual production guidance previously provided. I’d like to thank the team for all their hard work as we continue to ramp. We’re looking forward to taking this momentum forward as we hit the ground running in Q2,” said Frank Klein, Rivian Chief Operations Officer.
Klein expressed his gratitude towards the team’s hard work in achieving these numbers and looks forward to continuing this momentum in Q2.
Rivian added it has made significant progress in integrating its new in-house ‘Enduro’ drive unit into its Electric Adventure Vehicles (EDVs). The production line was launched and ramped up on time and as expected.
This drive unit was designed specifically for Rivian’s vehicles, providing a reduction in cost while delivering improved vehicle efficiency to customers. These efforts align with the company’s priority of ramping production at their Normal plant, showcasing a quarter-over-quarter production growth for their R1 platform.
According to CNBC, Wall Street analysts polled by FactSet expected Rivian to deliver roughly 8,000 vehicles during Q1. It remains to be seen if Rivian can continue to ramp up production of its electric vehicles. We’ll find out Rivian’s Q1 earnings report on May 9, 2023.
