Rivian (RIVN) stock falls after cutting EV production plans, Q3 deliveries slip

Rivian (RIVN) no longer expects to build as many vehicles this year as it did in 2023. After third-quarter deliveries fell, Rivian lowered its EV production plans for 2024. Here’s what to expect in the last few months of the year.

Rivian is lowering 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 handed over in Q2 and 26% (13,588) from the first three months of 2024.

After a supply shortage began in Q3, Rivian cut production plans for the year. It now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 target.

With another 13,157 vehicles built in Q3, Rivian’s production total reached 36,749 through September.

Rivian did, however, reaffirm delivery guidance for the year. The EV maker expects slight growth from the 50,122 vehicles delivered last year and plans to deliver between 50,500 and 52,000 EVs in 2024.

During its first Investor Day in July, Rivian said it still expects to achieve its first gross profit in Q4 2024. With a supply shortage disrupting a “shared component” of its R1 (R1T and R1S) and RCV platforms, will Rivian stand by its guidance?

Rivian’s losses 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 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 was down over 7% in Friday’s pre-market trading after it announced its lowering EV production plans for 2024. Over the past 12 months, Rivian shares have fallen 50%.