Rivian Delivers 13,588 EVs in Q1, On Track for 57,000 Annual Target

Rivian Automotive exceeded market expectations in the first quarter of 2024 by delivering 13,588 vehicles, surpassing the estimated 11,893, despite missing initial production estimates due to a transition to new suppliers. The electric vehicle maker produced 13,980 vehicles, against an estimate of 13,800, during the period. These results were in line with Rivian's expectations, and the company has reaffirmed its guidance for an annual production target of 57,000 vehicles. Rivian's performance indicates a significant achievement, as it navigates through production challenges and supply chain adjustments, maintaining its FY’24 production guide despite a forecasted 10-15% QoQ decrease from 13,972 deliveries in 4Q. Rivian's stock was slightly down by 0.1% pre-announcement.