The R1T and R1S automaker actually delivered more vehicles than it indicated it would during February
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- Rivian delivered 13,588 vehicles and produced 13,980 vehicles in Q1 2024.
- Those figures meet the company’s expectations and fall close to analysts’ estimates.
- The EV startup also reaffirmed that it expects to produce 57,000 vehicles in total during 2024.
During the first quarter of 2024, Rivian met its expected production goals by making 13,980 vehicles. It also delivered 13,588 which is more than it had indicated it would in February this year. It expects to hit its previously stated production estimate of 57,000 units during 2024 which might be the best news in the EV industry today.
Those delivery and production figures are roughly what analysts expected. Some predicted more, others less, but Rivian says that they’re in line with its own expectations. That’s up by approximately 50 percent over Q1 in 2023. It’s less than the 17,541 vehicles produced in Q4 2023 but close to the 13,972 vehicles it delivered in that same quarter. It’ll release its first-quarter financial results on May 7th after the stock market closes.
More: The 2026 Rivian R2 Looks Even Better Up Close
Interestingly, Rivian said in February that it expected a 10-15 percent reduction in quarter-over-quarter deliveries so this appears as a win overall. At the same time, it’s worth noting that both production and deliveries could slow in the coming months. According to Reuters, Rivian actually produced more vehicles than it stated in its filing but left them out because it’s waiting on a part to complete those vehicles.
In addition, it’s planning to pause production during the second quarter in order to update its facilities. The retooling is a large enough undertaking that it paused new orders for the R1T and R1S until late summer. Ultimately though, maintaining its production goal of 57,000 units is a very bright spot. If it achieves that figure it’ll only add fuel to the excitement around the R2 and R3 platforms coming in the near future.
All of this is excellent news for Rivian who is hitting goals in a way other EV brands aren’t today. Tesla posted its worst quarter since 2020 today. BYD saw a 43 percent drop in deliveries quarter-over-quarter posted yesterday. And Canoo released financial results with just 22 deliveries in all of 2023. At least Rivian appears poised for a largely positive year even if EV adoption might slow.
