AUTO

Rivian Exceeds Q2 2024 Delivery Forecasts

July 3, 2024

Rivian Q2 2024 surpassed forecasts and will be maintaining their annual goal of 57,000 units.
Rivian targets per-vehicle profitability by Q4 2024 and plans updates for the R1S and R1T in 2025.
Rivian and Volkswagen’s $5 billion joint venture will focus on software and electrical architecture.

Rivian just smashed its own delivery forecasts for Q2 2024, delivering 13,790 vehicles. Although this is only a 1.49% increase from their Q1 2024 deliveries, it still highlights their ability to consistently meet and exceed their targets. They outdid themselves, projecting between 13,000 and 13,300, leaving analysts’ forecasts of 12,000 in the dust.

In Q2 2024, Rivian produced 9,612 units at their Normal, Illinois plant, maintaining their full-year production goal of 57,000 units. The factory in Normal, Illinois, will produce the R2 along with the R1S, R1T, and commercial delivery vehicles. In the first half of 2024 alone, they delivered between 26,600 and 26,900 vehicles and produced 23,100 to 23,300 units. Additionally, Rivian is giving the 2025 R1S and R1T updates for the 2025 model years.

Electrify Expo Orlando Hankook EV Demo District Rivian R2

By Q4, Rivian has plans to achieve positive gross profit per vehicle, primarily by slashing material costs and leveraging regulatory credits. Currently, they lose $38,784 per vehicle.

Rivian and Volkswagen are joining forces in a $5 billion joint venture. Volkswagen’s engineering capability combined with Rivian’s innovative spirit is a match made in automotive heaven. Initially, this partnership will focus on software and electrical architecture design and development. No battery tech or autonomous driving just yet, but stay tuned.

Reports suggest this partnership might expand to hardware and joint production, with VW’s U.S. electric brand, Scout, possibly in the mix. Rivian CEO RJ Scaringe mentioned that the joint venture would have two co-CEOs, with Rivian leading on technical leadership and Volkswagen handling operations.

Rivian Vehicles Now Compatible with Tesla Supercharger Network - man charging

The variety and reliability of EVs on the market mean more charging stations, better vehicle ranges, and overall improved infrastructure. Rivian’s rise pushes other automakers to step up their game, making EVs more accessible and affordable for everyone.

The days of EVs being a niche market are over. With partnerships like Rivian and Volkswagen’s, the technology and production efficiencies will skyrocket, bringing down costs and improving performance.