Rivian has reported its third quarter results on Monday, exceeding Wall Street’s expectations for both production and deliveries.
According to the automaker its production facility in Normal, Illinois, built 16,304 vehicles during the third quarter and successfully delivered 15,564 of those to customers. These numbers not only exceeded analysts’ consensus but also put Rivian on a promising path to outperform its annual production estimate of 52,000 vehicles in 2023.
This quarter’s performance represents a substantial improvement, with a 23% increase in both production and deliveries compared to the previous quarter. It is also a massive 121% increase compared to Q2 2022. It is worth noting that this time last year Rivian was struggling with supply chain issues that hindered production.
Rivian’s product lineup includes two consumer vehicles, the R1T and R1S, along with two variants of the EDV, its commercial delivery van. The automaker has also made efforts to enhance its operational efficiency at its Normal, Illinois factory, and it developed its proprietary drive unit, known as the Enduro, to reduce costs and reduce reliance on external suppliers.
Despite facing some challenges since its IPO two years ago and contending with industry-wide supply chain issues, Rivian has made substantial progress in increasing production and achieving profitability.
Rivian will report third-quarter earnings after market close on November 7.
Rivian (RIVN) is currently trading slightly up from the previous day.