Rivian (RIVN) produces 9,395 EVs in Q1 remaining on track to hit 50K 2023 goal

Rivian (RIVN) released Q1 production and delivery totals Monday as the EV maker says it remains on track to hit its 50,000 annual production guidance for 2023.

Rivian Q1 2023 production and delivery totals

CEO RJ Scaringe described 2022 as a challenging year as the young EV maker worked through production and supply kinks.

After producing 24,337 vehicles last year and slightly missing its goal of 25,000, Scaringe says the production ramp “has equipped our team with valuable manufacturing operations and product development experience in a short period of time.”

Although the ramp-up was impressive, given it produced just over 1,000 EVs by the end of 2021, Rivian’s CFO Claire McDonough said the company is “guiding to 50,000 vehicles produced this year.”

Again, doubling production capabilities is impressive; however, analysts were expecting the guidance to be slightly higher, between 60,000 to 65,0000.

Rivian said it would ramp second shift operations at its plant in Normal, Illinois, as it progressed through the first quarter to boost R1S and R1T deliveries.

On Monday, Rivian says it remains on track to hit its 50,000 2023 target after releasing Q1 production and delivery numbers. The EV maker released the following totals:

Vehicles Factory Gated: 9,395

Vehicles Delivered: 7,946

Rivian says the Q1 results are a reflection of the company prioritizing ramping production at the Illinois plant. Frank Klein, Rivian’s chief operating officer, said:

This is a great start to the year, and we remain on track to hit our annual production guidance previously provided. I’d like to thank the team for all their hard work as we continue to ramp. We’re looking forward to taking this momentum forward as we hit the ground running in Q2.

The company also says it has made progress integrating its new in-house “Endoru” drive units into its EDVs, with deliveries expected on time. Rivian says the drive units will help streamline production and bring down costs.

Rivian’s stock bounced off of all-time lows last week presumably related to a report from Cox Automotive that the EV maker had 8,145 registrations in Q1 2023. The totals easily beat Wall Street estimates of 7,167 deliveries. RIVN stock is down nearly 5% today.