Tuesday, July 16, 2024

Rivian Hits 900 Million Cumulative Miles Driven, Achieves Production Milestone

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Rivian reached a significant milestone during its first-quarter earnings call on Tuesday, announcing that its R1T, R1S, and electric delivery van (EDV) vehicles have collectively been driven over 900 million miles.

Rivian CEO RJ Scaringe highlighted this achievement, stating, “Our vehicles have been driven more than 900 million cumulative miles, and our brand awareness and market position continue to grow.”

In addition to this milestone, Rivian revealed several other accomplishments from the first quarter. The company unveiled its upcoming R2 and R3 lines and successfully re-tooled its factory in Normal, Illinois. Moreover, Rivian reported a 90% increase in demo drivers, totaling 20,000 in the first quarter, compared to the fourth quarter of 2023.

Despite these successes, Rivian, like much of the industry, has been implementing cost-cutting measures. The company reduced its headcount by one percent last month, following a larger layoff of around 10 percent of its workforce in February.

Last month, Rivian also celebrated surpassing a production milestone of 100,000 units. During the Q1 earnings call, the company reiterated its 2024 production target of 57,000 units.

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