Electric vehicle manufacturer Rivian (RIVN) delivered nearly 13,800 EVs in the second quarter of 2024, maintaining similar figures from the previous quarter but outlining plans for production expansion in the latter half of the year.
Rivian’s Q2 deliveries totaled 13,790 vehicles, a slight increase from Q1 but down compared to Q4 2023 figures. The company attributed this stability to ongoing upgrades at its Normal, IL manufacturing plant, which temporarily impacted production output. Despite these challenges, Rivian expressed confidence that the enhancements would yield significant cost reductions and operational efficiencies, facilitating quicker vehicle deliveries at reduced costs.
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CEO RJ Scaringe acknowledged the anticipated challenges during the plant shutdown, referring to the second quarter as potentially “messy” in terms of operations.
Production in Q2 amounted to 9,612 vehicles, aligning with Rivian’s guidance despite a decrease from previous quarters. The company remains on track to achieve its 2024 production target of 57,000 vehicles, with further details expected upon the release of Q2 financial results on August 6, 2024.
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During its recent Investor Day, Rivian provided insights into its future roadmap, including expectations for achieving its first gross profit in Q4 2024. The company highlighted its forthcoming R2 model, slated for early 2026, which is anticipated to significantly expand production capacity to 215,000 vehicles annually. This expansion includes projections for 155,000 R2 units, alongside continued production of its R1T and R1S models and commercial vans.
