Rivian Built More Electric Vehicles Than Expected

Rivian’s planned ramp-up of production is finally starting to bear fruit. The all-electric automaker reportedly built 9,395 vehicles in the first three months of 2023. That number actually beats what analysts predicted for the first quarter for the California-based company, according to Bloomberg.

How the Rivian R1S Drives On-Road and Off

They expected Rivian to pump out 8,752 of their R1T pickup, R1S SUV and Amazon delivery van in that time period. To make matters even better, Rivian was also able to deliver 7,946 vehicles to customers in the first quarter, the outlet said.

It’s some much needed good news for the automaker whose stock has slid over 15 percent since the beginning of the year. On top of that, it has seen numerous setbacks. One of the biggest is the fact that Amazon decided only to buy 10,000 vans from the automaker in 2023. It has prompted Rivian to rethink its commercial exclusivity deal with the online retail giant.

Rivian also lost its chief engineer to McLaren back in March, and recently decided to move its engineering core to its facilities in Normal, Illinois and Irvine, California rather than have them spread across the country.

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These issues pale in comparison to Rivian’s three biggest worries right now: supply chain issues, recalls, and a massive cash burn problem. We reported that Rivian blew through $1.7 billion in the second quarter of 2022. That, if you weren’t sure, is a whole lot of money.

Bloomberg says that despite all of this, first-quarter production at Rivian only faced a modest slowdown from the 10,020 vehicles it built in the prior quarter (Q4 of 2022). In February, Rivian said it expected to build 50,000 EVs in 2023, and the company reportedly reiterated it on a sales call on Monday. Management has supposedly told employees that it’s actually possible the automaker could push out 62,000 vehicles in 2023 if all goes according to plan. So, while Rivian isn’t out of the woods quite yet, things are starting to look up… kind of.