Rivian boosts production to 7,363 vehicles in Q3
The US electric car startup built 7,363 vehicles at its Illinois plant in the third quarter. In the same period, Rivian delivered 6,584 vehicles. The company reiterated its full-year sales forecast.
The company has not yet released its full quarterly numbers – in fact, it was the first time Rivian Automotive has issued a separate release for its production and quarterly numbers.
The investor letter accompanying the Q1 numbers said Rivian built 2,553 vehicles and delivered 1,227 in the opening quarter. Then in the second quarter, the company built 4,401 vehicles and delivered 4,467. So with the Q3 numbers now released, Rivian has built 14,317 vehicles this year and delivered 12,278 units of them.
The brief release on the Q3 production and delivery numbers states, “These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.” In other words, to meet the target, at least in terms of production, Rivian would still need to build 10,683 vehicles by the end of December, setting a new record quarter.
Wall Street analysts estimate that’s doable, as evidenced by the fact that the stock didn’t drop extremely. George Gianarikas of Canaccord Genuity points out in an analyst note that Rivian’s production rate has increased from an average of about 78 vehicles per week in the fourth quarter of 2021 to about 566 per week in the third quarter of 2022. It needs to reach 822 vehicles per week by the end of the year. “We estimate that this is achievable,” Gianarikas added.
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