Rivian announces drop in Q1 production and deliveries, but reaffirms 2023 guidance

Rivian has announced its Q1 2023 production and delivery figures, and while both were lower than the previous quarter, the automaker is sticking with its annual delivery guidance figure announced last month.

In a press release this morning Rivian said it produced 9,395 vehicles at its manufacturing facility in Normal, Illinois between January 1 and March 31, 2023, while at the same time delivering 7,946 of those to new owners.

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Both figures are down from Q4 2022 when Rivian produced 10,020 vehicles and delivered 8,054, a drop of 7.3% and 2.4% respectively.

Despite the decline Rivian said they are “in line with the company’s expectations” and as such is sticking with its goal of producing 50,000 vehicles this year, a figure it revealed in its annual earnings report released in early March.

The company was originally hoping to build 50,000 vehicles in 2022, however they encountered production issues and a shortage of components, resulting in just under 25,000 vehicles being produced, in line with their revised target.

Rivian will report its Q1 earnings after markets close on May 9. Rivian (RIVN) shares dropped after the announcement, but have rebounded slightly and are currently down over 2%.

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