Rivian (RIVN) deliveries remain flat in Q2, but things are looking up in the second half of 2024

Electric vehicle maker Rivian (RIVN) delivered nearly 13,800 EVs in the second quarter of 2024. Although Q2 deliveries remained flat from Q1, Rivian plans to ramp up output in the second half of 2024. Here’s what to expect.

Rivian releases Q2 2024 deliveries

Rivian delivered 13,790 vehicles in Q2, up slightly from the 13,588 handed over in the first three months of 2024. However, it’s down from the 13,972 delivered in Q4 2024.

The slowdown was expected as Rivian shut down its Normal, IL manufacturing plant for upgrades. Rivian expected Q2 deliveries to be in the 13,000 to 13,300 range.

Rivian says the changes will significantly reduce costs while boosting efficiency. In other words, Rivian will be able to get vehicles out quicker, at a lower cost.

CEO RJ Scaringe has already warned investors that the second quarter could be “messy” amid the plant shutdown.

Rivian produced 9,612 vehicles in Q2, down from 13,980 in Q1 and 17,541 in the fourth quarter of 2023. However, it was enough to top its guidance of 9,100 to 9,300 units.

Meanwhile, Rivian said it remains on track to hit its 57,000 production goal in 2024. Rivian will release its Q2 financial results on August 6, 2024, after the market closes.

During its first Investor Day last week, Rivian gave us a glimpse into the EV maker’s future. Rivian reaffirmed it expects its first gross profit in Q4 2024.

Rivian’s stock surged following a new partnership with Volkswagen. The new pact earned Rivian new backing from several analysts, including Dan Ives from Wedbush. Ives said the VW deal could “change the game for Rivian” as it strives for its first profit.

Following Rivian’s Q2 deliveries and production numbers, the EV maker’s stock is up another 5% on Tuesday.

Rivian’s shares are up 36% over the past three months, but the stock is down over 30% in 2024.

Looking further out, Rivian’s next-gen R2 is expected to significantly expand its market. Following the R2 launch in early 2026, Rivian expects production capacity to reach 215,000, up from 150,000 currently.

The R2 will account for 155,000, while R1T and R1S are expected at 85,000. Rivian’s commercial van will account for the remaining 65,000.

EV leader Tesla also topped Q2 expectations, delivering 443,956 vehicles globally. Tesla beat out BYD to remain the global EV leader.