Rivian exceeds 2023 production guidance, but deliveries fall in Q4

Rivian has published its Q4 and full year 2023 results, and it was a mixed bag with the automaker reporting an increase in production, but a decline in deliveries in the final quarter of the year.

According to Rivian’s report, they produced a total of 17,541 vehicles between October and December at its manufacturing facility in Normal, Illinois. This figure is up 74% from the same time period last year, and up 7.5% from the previous quarter.

With the strong final quarter, Rivian’s full year production figure reached 57,232 vehicles, easily surpassing their annual guidance of 54,000, a figure which was originally 50,000 at the beginning of the year. Perhaps most significantly their 2023 production was more than double their 2022 production of 24,337 vehicles (+137%).

While the news was positive on the production side, deliveries fell in the fourth quarter. Rivian reported 13,972 deliveries in the final three months of the year, down from the 15,564 it delivered in Q3 2023.

For the full year however, Rivian delivered 50,122 vehicles, more than double the 20,332 vehicles it delivered in 2022.

Rivian will release its Q4 and 2023 financial report after markets close on February 21, 2024.

Rivian (RIVN) stock is trading down nearly 10% in early morning trading following the release of the results.

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