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Rivian launched its third-quarter manufacturing and supply numbers on Monday, and whereas the electrical pickup maker remains to be far behind Tesla, the corporate has overwhelmed analyst supply estimates for all three quarters this 12 months.
In Q3, Rivian delivered 15,564 autos and produced 16,304, in accordance with the corporate’s web site in an announcement on Monday. The supply complete marks a 136 p.c leap 12 months over 12 months and a 23 p.c improve from Q2, and it beat FactSet analyst supply estimates of 14,000, which dropped from 15,000 final month. The totals embrace the corporate’s R1T pickup and R1S SUV, the 2 passenger autos the Amazon-backed electrical car (EV) startup at present provides.
The figures additionally symbolize gradual manufacturing and supply development from Rivian’s Q1 and Q2 numbers, wherein the automaker delivered 7,946 and 12,460 autos, respectively. Rivian stated on Monday that the figures preserve the corporate on monitor to succeed in its annual manufacturing goal of 52,000 items, with a complete of 39,691 autos produced up to now this 12 months.
Q3 numbers are in:
Automobiles Produced: 16,304
Automobiles Delivered: 15,564These outcomes mirror our ongoing focus to extend R1 deliveries to prospects throughout the US and Canada and stay on monitor with our 52,000 unit annual manufacturing steering. Extra at: https://t.co/Mp5xmHExkQ
— Rivian (@Rivian) October 2, 2023
In a press launch, Rivian Vice President of Business Operations had this to say concerning the accomplishment:
“Q3 marks one other milestone as we proceed to ramp deliveries whereas including extra selection to our fleet, most lately including our Twin Motor to the R1 platform. It has been really unimaginable to see report after report fall as we achieved our most profitable day, week, month, and quarter of deliveries respectively.
I’m in awe of all of the groups from the manufacturing unit to the sector who rose to exceed expectations with over 136 p.c development in deliveries over Q3 2022 and over 23 p.c QoQ development. We’re excited to enter This autumn with the identical power and focus to shut out 2023 efficiently.”
Rivian plans to announce its Q3 earnings on November 7 at 4:00 pm Jap and the corporate will maintain a follow-up webcast at 5:00 Jap to debate Q3 efficiency and enterprise outlook. You possibly can hearken to the reside webcast right here.
The information additionally comes after Tesla reported 435,059 deliveries in the identical quarter, remaining the dominant EV chief. Regardless of this, the determine represented a miss on analyst estimates for Tesla. Nonetheless, the automaker predicted this drop would occur throughout its Q2 earnings name, citing manufacturing upgrades at its crops.
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