Rivian Is Beating Expectations

Photo: Rivian

Rivian is having a nice little time right now. The Irvine, California-based electric automaker reported third-quarter deliveries above what analysts were estimating. At the same time, it’s ramping up production to meet steady demand for its R1T pickup truck and R1S SUV, according to Reuters.

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The automaker reportedly said it is on pace to produce 52,000 vehicles in 2023. It’s a target that is actually higher than the 50,000 vehicles it estimated earlier in the year when supply-chain issues were heightened. Adding onto the good news, these strong-than-expected numbers from Rivian come at the same time the rest of the EV industry is worrying about softening demand.

According to Reuters, Rivian delivered 15,564 vehicles in the third quarter ending September 30th. That’s up from a reported estimate of 14,740 vehicles. It may not sound like a ton more, but every bit helps! It’s also reportedly a 23 percent increase from the second quarter. Rivian is said to have produced 16,304 vehicles at its plant in Normal, Illinois, during the third quarter. That’s up from 13,992 in the second. Doing some quick math (not by me) shows that Rivian needs to build just 12,300 more vehicles in 2023 to hit its full-year target.

Some automakers like Tesla have been engaging in a bit of an EV price war to boost demand, but so far Rivian has stayed away from that. Reuters says the company is instead cutting costs and moving to build its Enduro powertrains in-house, rather than rely on suppliers.

The outlet says that even though there’s been a slowdown in EV buying, there are still some positive signs of growth in the U.S. EV industry. It has reportedly become one of the fastest-growing EV markets in the world, and Rivian is showing just how strong that market can be.