AUTO

Rivian Production Numbers Reach Important 100,000th EV Milestone

April 6, 2024

Rivian’s 100,000th EV rolled off the production line this week.
The achievement comes just three and a half years after the first Rivian vehicle rolled off the production line.
The company unveiled compact and lower-cost options last month — the R2, R3, and R3X models — and Rivian production numbers are expected to remain steady.

In significant Rivian news, the company proudly announced this week that its 100,000th EV had rolled off the production line, marking an important achievement in its relatively short history. Rivian production numbers are expected to continue to increase steadily.

Rivian continues to expand its brand through the development and promotion of its “Electric Adventure Vehicles,” most notably the R1T electric pickup truck and the R1S SUV. The R1T made history in 2021 as the first electric pickup to be available in the U.S. market. CEO RJ Scaringe announced that Rivian manufactured its 100,000th EV a mere three and a half years after the first vehicle rolled off the production line.

The company announced plans for a new growth phase of Rivian cars in 2024. Central to this phase is the temporary shutdown of its manufacturing hub in Normal, Illinois, to integrate new technology and refine manufacturing practices.

Rivian expects a “modest growth profit” by the end of 2024. Despite the temporary shutdown of its manufacturing facility, the company anticipates that Rivian delivery numbers will remain steady, projecting around 57,000 vehicles to be delivered this year.

The company has maintained its momentum, producing 13,980 electric vehicles in the first quarter alone. Rivian exceeded delivery expectations, with 13,588 vehicles handed over to customers in the first three months of 2024.

Despite initial concerns that Rivian deliveries would fall by 10% to 15% from the fourth quarter, the actual decrease was only around 3%. However, the company faced significant financial challenges, with a reported loss of approximately $43,372 on every vehicle built in the fourth quarter, down drastically from the $124,162 loss per vehicle in Q4 2022.

Rivian ended the fourth quarter with over $9 billion in cash, positioning it well to fund its operations through the launch of its next-generation R2 platform. The EV maker introduced its smaller, more affordable R2, R3, and R3X models last month.

The R2 model racked up an impressive tally of over 68,000 reservations in under 24 hours. Rivian’s financial outlook, as reflected in its stock price, remains challenging. Rivian’s shares are near all-time low prices, having declined over 30% in the past 12 months.

This downturn underscores the broader challenges facing EV startups.