Rivian (RIVN) does not expect to build as many cars this year as it did in 2023. After third-quarter deliveries, Rivian lowered its 2024 EV production plans. Here's what to expect in the last few months of the year.
Rivian drops its EV production plans for 2024
After announcing Q3 delivery and production numbers, Rivian updated guidance for the year. The EV maker now expects to build fewer vehicles in 2024 than last year.
Rivian delivered 10,018 vehicles in the third quarter, down 27% from the 13,790 delivered in Q2 and 26% (13,588) from the first three months of 2024.
After inventory shortages began in Q3, Rivian lowered production plans for the year. It is now expected to build between 47,000 and 49,000 cars this year, down from the 57,000 it had previously targeted.
With another 13,157 vehicles built in Q3, Rivian production totals reached 36,749 in September.
Rivian did, however, confirm delivery guidance for the year. The EV maker expects a slight increase from the 50,122 vehicles launched last year and plans to deliver between 50,500 and 52,000 EVs in 2024.
| Q1 2024 | Q2 2024 | Q3 2024 | 2024 YTD | 2024 guidance | |
| Delivery | 13,588 | 13,790 | 10,018 | 37,396 | 50,500 – 52,000 |
| Production | 13,980 | 9,612 | 13,157 | 36,749 | 47,000 – 49,000 |
At its first investor day in July, Rivian said it still expects to achieve first net profit in Q4 2024. With inventory shortages disrupting the “allocated portion” of its R1 (R1T and R1S) and RCV platforms, Rivian will contend. direction?
Rivian's loss widened to $1.46 billion in the second quarter, up from $1.2 billion in Q2 2023. The EV maker lost $32,705 on every vehicle it built last quarter.
Check back next month for Rivian's third quarter financial results, which will be released on November 7, 2024.
Rivian's stock fell more than 7% in premarket trading on Friday after it announced it was scaling back its 2024 EV production plans. In the past 12 months, Rivian shares have fallen 50%.
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