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Rivian maintains 2023 EV manufacturing goal despite quarterly decrease.

Photo Credit: Alamy

Rivian, an electric car manufacturer, reported on Monday that its facility in Normal, Illinois, produced 9,395 vehicles in the first quarter, down from the prior quarter but still on track to meet its 50,000 production target for the year.

Seven thousand nine hundred forty-six of those vehicles, according to Rivian, were delivered in the first three months. As a result, Rivian’s first-quarter delivery figures barely fell short of experts’ projections. Rivian was supposed to supply around 8,000 cars, according to analysts surveyed by FactSet.

Shares dropped 4.3% when the news was released.

These Q1 figures were greater than during last year’s period when Rivian was dealing with supply chain issues as it scaled up production. Yet, they were worse than its Q4 figures. In Q4 of 2018, Rivian manufactured 10,020 EVs, of which 8,504 were delivered.

With the start of the R1T truck’s manufacturing in late 2021, Rivian has experienced supply chain issues, particularly with semiconductors. These issues persisted in 2022, causing the business to lower its production forecast from 50,000 to 25,000 automobiles. Rivian nevertheless fell short of expectations despite providing lower, more cautious forecasts. In 2022, Rivian delivered 20,332 of the 24,337 automobiles it produced.

After releasing its first-quarter financial results on May 9 at 2 p.m. PT, Rivian will hold an audio webcast.

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