Rivian (RIVN) not expects to construct as many automobiles this yr because it did in 2023. After third-quarter deliveries fell, Rivian decreased its EV manufacturing plans for 2024. Right here’s what to anticipate in the previous few months of the yr.
Rivian is decreasing its EV manufacturing plans for 2024
After pronouncing Q3 supply and manufacturing numbers, Rivian up to date steerage for the yr. The EV maker now expects to construct fewer automobiles in 2024 than ultimate yr.
Rivian delivered 10,018 automobiles within the 0.33 quarter, down 27% from the 13,790 passed over in Q2 and 26% (13,588) from the primary 3 months of 2024.
After a provide scarcity started in Q3, Rivian lower manufacturing plans for the yr. It now expects to construct between 47,000 and 49,000 automobiles this yr, down from its earlier 57,000 goal.
With some other 13,157 automobiles in-built Q3, Rivian’s manufacturing overall reached 36,749 thru September.
Rivian did, on the other hand, reaffirm supply steerage for the yr. The EV maker expects slight enlargement from the 50,122 automobiles delivered ultimate yr and plans to ship between 50,500 and 52,000 EVs in 2024.
Q1 2024Q2 2024Q3 20242024 YTD2024 guidanceDeliveries13,58813,79010,01837,39650,500 – 52,000Production13,9809,61213,15736,74947,000 – 49,000Rivian deliveries and manufacturing by way of quarter in 2024
All through its first Investor Day in July, Rivian stated it nonetheless expects to succeed in its first gross benefit in This autumn 2024. With a provide scarcity disrupting a “shared part” of its R1 (R1T and R1S) and RCV platforms, will Rivian stand by way of its steerage?
Rivian business electrical van, R1S, and R1T (Supply: Rivian)
Rivian’s losses widened to $1.46 billion in the second one quarter, up from $1.2 billion in Q2 2023. The EV maker misplaced $32,705 on each car constructed ultimate quarter.
Take a look at again subsequent month for Rivian’s third-quarter monetary effects, which can be launched on November 7, 2024.
Rivian (RIVN) inventory chart Q3 2024 thru Q3 2024 (Supply: TradingView)
Rivian’s inventory was once down over 7% in Friday’s pre-market buying and selling after it introduced its decreasing EV manufacturing plans for 2024. Over the last 365 days, Rivian stocks have fallen 50%.
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