American electric automaker Rivian finally released its official Q3 production and delivery results yesterday. According to the press release, its delivery figures surged more than 136% year-on-year and over 23% quarter-on-quarter in Q3 2023.
These remarkable results demonstrate another achievement for the automaker’s production ramp-up efforts. It is also worth noting that Rivian currently only has three model offerings, including the R1S, R1T, and EDV commercial vans.
Q3 production and delivery figures
Rivian revealed that its electric vehicle production at its Normal factory in Illinois reported a record-breaking growth of 121% YoY to 16,304 units in the third quarter of the year. Of that total, 15,564 units were successfully delivered throughout the US and Canadian markets.
As Rivian’s Vice President of Commercial Operations noted, the brand’s EV deliveries recorded a record-setting increase of over 136% YoY and over 23% QoQ.
“Q3 marks another milestone as we continue to ramp deliveries while adding more variety to our fleet, most recently adding our Dual Motor to the R1 platform. It has been truly incredible to see record after record fall as we achieved our most successful day, week, month, and quarter of deliveries respectively.
I am in awe of all the teams from the factory to the field who rose to exceed expectations with over 136% growth in deliveries over Q3 2022 and over 23% QoQ growth. We are excited to enter Q4 with the same energy and focus to close out 2023 successfully.”
Marco Batra Rivian, Commercial Operations VP
YTD figures
InsideEVs reported that Rivian’s year-to-date production grew 177% YoY to more than 39,000 electric vehicles.
Meanwhile, its deliveries surged 194% YoY to 36,150 units from the Q1 to Q3 2023 period.
In hindsight, the American automaker reported an EV production of 24,337 units in 2022. Of that total, 20,332 units were delivered to customers.
It is also worth noting that the US has already registered over 18,000 RIT and R1S units from January to July 2023, as per previous reports.
Targets
Rivian has set a target of producing 52,000 electric vehicles for this year. That said, the company remains optimistic that this recent performance progress will contribute to the successful achievement of the target.
“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 52,000 annual production guidance previously provided.”
Rivian
If Rivian maintains this upward trend in its production figures, it may hit or surpass this guidance this year.
See Also:
- Rivian Chief talks about its NACS partnership with Tesla
- Rivian tops expectations with almost 14,000 EV production in Q2 2023
- Rivian emerges as the latest automaker to join Tesla’s charging network
- Rivian R1S SUV gains IIHS Top Safety Pick+, joining R1T Pickup sibling
- Rivian gets the Supreme Court’s support for its proposed $5B facility in Georgia
However, despite these remarkable Q3 2023 results, the Wall Street Journal noted that the company has yet to overcome multiple challenges before achieving financial stability.
For instance, Rivian exhausted nearly 50% of its $18 billion cash pile and lost nearly $33,000 per electric truck it sold in the second quarter.
