Rivian has reported its first quarter results for 2024, and while the automaker was able to surpass Wall Street’s expectations by posting a significant increase in both production and delivery numbers year-over-year (YoY), their numbers have dipped quarter-over-quarter.
According to its Q1 2024 report, Rivian was able to produce 13,980 vehicles at its manufacturing facility in Normal, Illinois between January and March. At the same time, the automaker was able to deliver 13,588 of them to customers.
This was a 48% increase compared to Q1 2023 when the automaker produced 9,395 vehicles, and a 71% increase in deliveries compared to 7,964 during the same time period last year.
The numbers were however down compared to the previous quarter. In Q4 2023 Rivian produced 17,541 vehicles and delivered 13,972.
Rivian said their Q1 2024 numbers were in line with their expectations, and the company reaffirmed its 2024 production guidance of 57,000 vehicles. In 2023, Rivian produced 57,232 vehicles.
Rivian’s Q1 financial results will be posted after market’s close on May 7, 2024, and the company will host a conference call to discuss the results that same afternoon at 5:00pm ET.
Rivian’s first quarter results came during struggles earlier in the year when the company announced job cuts and a plan to halt work on its new factory near Atlanta. This decision was part of a broader strategy to fast-track the introduction of the R2, a new lower-priced model targeting the mass market that is now set to launch early in 2026.
The company’s Q2 results might not fare as well. Rivian’s factory will be shut down for most of April to undergo plant upgrades, expected to be for new battery packs and other internal upgrades to the R1T and R1S to simplify production and reduce costs.
