Rivian Automotive announced on Monday that it achieved record electric vehicle (EV) deliveries for the third quarter of 2023, surpassing Wall Street expectations. The company delivered 15,564 vehicles during the quarter, marking a 23% increase from the second quarter of 2023. Analysts surveyed by FactSet had projected around 14,000 deliveries for the period.
All 16,304 vehicles produced in the third quarter were manufactured at Rivian’s factory in Normal, Illinois. The company’s shares were up about 1% as of noon ET on Monday.
Rivian confirmed that it is on course to produce 52,000 EVs in 2023, aligning with its previous guidance to investors. The automaker currently produces a range of delivery vans for Amazon, in addition to its own R1T pickup and R1S SUV, all of which are fully electric.
Earlier this year, Rivian implemented several measures to strengthen its financial position. These included a 6% reduction in staff in February and a $1.3 billion sale of convertible notes in March. The company also postponed the launch of its smaller R2 vehicle platform to 2026 from 2025. As of June 30, the most recent update, Rivian had $10.2 billion in cash on hand.
Rivian is set to announce its third-quarter earnings after the U.S. markets close on November 7.
