Rivian Automotive, the electric vehicle maker, announced on Monday that it delivered 12,640 vehicles in the second quarter of 2023, beating analyst expectations of 11,000 vehicles. The company also produced 13,992 vehicles during the quarter, up 4,597 from the first quarter.
Rivian’s deliveries were helped by strong demand for its R1T pickup truck and R1S SUV. The company said that it has a backlog of more than 90,000 orders for its vehicles.
Rivian’s production ramp-up has been slower than some analysts expected, but the company said that it is on track to produce 25,000 vehicles in 2023. The company has also said that it plans to produce 50,000 vehicles in 2024 and 100,000 vehicles in 2025.
Rivian’s stock price rose nearly 9% in premarket trading on Monday following the announcement of its second-quarter deliveries.
The company’s success is a sign that there is strong demand for electric vehicles. Rivian is one of several new EV makers that have entered the market in recent years, and it is competing with established automakers like Tesla and Ford.
Rivian’s success is also a sign that the electric vehicle market is maturing. The company’s second-quarter deliveries were more than double its deliveries in the first quarter of 2023. This suggests that Rivian is starting to gain traction in the market and that it is on track to meet its production goals.
Rivian’s success is a positive sign for the future of the electric vehicle market. The company’s strong deliveries show that there is a demand for electric vehicles, and its plans to ramp up production suggest that it is confident in its ability to meet that demand. If Rivian can continue to grow its production and sales, it could help to accelerate the adoption of electric vehicles.
Here are some additional details about Rivian’s second-quarter deliveries:
- The company’s deliveries were concentrated in the United States, with 97% of deliveries going to customers in the country. The remaining 3% of deliveries went to customers in Canada and Mexico.
- Rivian’s deliveries were up 59% from the first quarter of 2023. This growth was driven by increased production at the company’s manufacturing facility in Normal, Illinois.
- The company delivered 9,000 R1T pickup trucks and 3,640 R1S SUVs in the second quarter. The R1T pickup truck is the company’s flagship vehicle, and it accounted for the majority of the company’s deliveries in the quarter.
- The average selling price of a Rivian vehicle was $77,400. This is higher than the average selling price of other electric vehicles on the market, but it is in line with the prices of luxury vehicles.
- Rivian’s deliveries were helped by strong demand for its vehicles. The company has a backlog of more than 90,000 orders for its vehicles, and it expects to continue to see strong demand in the coming quarters.
- Rivian’s production ramp-up has been slower than some analysts expected. However, the company said that it is on track to produce 25,000 vehicles in 2023. The company has also said that it plans to produce 50,000 vehicles in 2024 and 100,000 vehicles in 2025.
- Rivian’s stock price rose nearly 9% in premarket trading on Monday following the announcement of its second-quarter deliveries. This suggests that investors are optimistic about the company’s future prospects.
Rivian is still a relatively new company, but its strong second-quarter deliveries show that it is off to a promising start. The company has a strong backlog of orders and is on track to meet its production goals. If Rivian can continue to grow its sales, it could become a major player in the electric vehicle market.