Rivian has released its Q3 2024 production and delivery figures, revealing a lower-than-expected delivery count, and a revised production target for the year due to a parts shortage affecting the R1 and RCV commercial van platform.
During the third quarter, Rivian produced 13,157 vehicles, but managed to deliver only 10,018, missing Wall Street consensus estimate of 12,670 deliveries. This delivery shortfall marks a substantial dip from the previous quarter’s delivery figure of 13,790.
This supply issue, which began affecting production in the third quarter, has since grown worse, leading the company to substantially lower its full-year production guidance from 57,000 to between 47,000 and 49,000 vehicles.
Despite these setbacks, Rivian reaffirmed its delivery guidance for the year, projecting between 50,500 and 52,000 deliveries, which would represent a slight increase from the 50,122 vehicles delivered in 2023.
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It wasn’t all bad news as Rivian remains optimistic about turning a corner toward profitability. The company has stated that it still aims to achieve its first gross profit per vehicle in the fourth quarter of 2024.
Rivian’s stock took a sharp hit following the announcement, with shares currently trading 8% down on Friday. The stock has been on a downward trajectory throughout 2024. Rivian (RIVN) started the year trading at over $21, but is now currently sitting at around $10 per share.
