Rivian announced a decrease in fourth-quarter deliveries, falling short of market expectations amid intense competition and the impact of elevated interest rates on electric vehicle demand.
In the quarter ending December 31, the company delivered 13,972 vehicles, marking a 10% sequential decline from the previous three months. This figure fell below analyst estimates of 14,430, as reported by 13 analysts polled by Visible Alpha.
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The rise in interest rates has led to increased monthly payments for electric vehicles, contributing to decreased affordability. Rivian’s flagship R1T pickup truck, with a starting price of $73,000, faces competition from Tesla’s Cybertruck, unveiled in late November.
Despite the delivery challenges, Rivian demonstrated production resilience by manufacturing 17,541 vehicles in the final quarter of the year, representing a 7.5% increase from the previous quarter. This pushed the annual production figure to 57,232 units, surpassing the company’s initial forecast of 54,000 vehicles.
