Rivian announced that it produced 10,020 vehicles in the fourth quarter of 2022 and delivered 8,054 during the same period, just missing its goal of producing 25,000 units for the year.
Rivian produced 24,337 vehicles and delivered 20,332 in 2022, falling short by 663 units. In the third quarter, Rivian had produced a total of 14,317 vehicles, meaning it had to significantly increase production in the final three months of the year.
The electric truck and SUV maker has over 100,000 reservations for its vehicles and will continue to ramp up production at its Illinois plant while also working on initial development and construction at a facility in Georgia.
Despite its success in producing vehicles, Rivian made a surprising decision in the fourth quarter to pull out of a Memorandum of Understanding with Mercedes-Benz to develop electric vans for the European market, just three months after signing the agreement. Some analysts have called the move a “head-scratcher.”
Rivian has not announced when it will release its fourth quarter and full year 2022 financial report, but based on past precedent it is expected to be made public in early February. The company is hoping to see improvements from its third quarter performance, during which it reported a net loss of $1.7 billion.
This high rate of cash burn may have contributed to the company’s decision to back out of its agreement with Mercedes-Benz to develop electric delivery vans for the European market, just three months after announcing the partnership.
