Rivian (RIVN) delivered more vehicles than expected in the fourth quarter, beating Wall St expectations. After overcoming its recent supply shortage, the EV maker is seeing momentum pick up. Here’s a look at how many EVs Rivian delivered in Q4 and 2024.
How many EVs did Rivian deliver in Q4 2024?
Rivian delivered 14,183 vehicles in the final three months of 2024, easily topping estimates of around 13,500. This high delivery total allowed Rivian to meet its full-year guidance.
With 51,579 EVs delivered in 2024, Rivian’s total was within its 50,500 to 52,000 target. It was also slightly higher than the 50,122 vehicles delivered in 2023. Rivian’s Q4 deliveries surged over 40% from the previous quarter. It was also the company’s highest in 2024.
Rivian produced 12,727 vehicles in the fourth quarter, soundly beating estimates. In total, Rivian built 49,476 EVs in 2024, slightly above its 47,000 to 49,000 guidance.
However, the company lowered its full-year production goal in October from its previous 57,000 target after a supply shortage began in Q3.
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full-Year 2024 | 2024 guidance | |
| Deliveries | 13,588 | 13,790 | 10,018 | 14,183 | 51,579 | 50,500 – 52,000 |
| Production | 13,980 | 9,612 | 13,157 | 12,727 | 49,476 | 47,000 – 49,000 |
In a statement, Rivian said, “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint” on production.
After shutting down operations in Normal in April to introduce new upgrades, Rivian has been aggressively cutting costs. CEO RJ Scaringe said in November that the company is seeing “meaningful progress” on lowering material costs with new supplier contracts and technology.
Rivian’s net loss fell to $1.1 billion in the third quarter, down from $1.34 billion in Q3 2023. The company lost around $39,000 on each vehicle delivered in Q3, up from the $30,648 loss the previous year. However, this is still a massive improvement from the over $139,000 loss per vehicle in Q3 20222.
The company ended the third quarter with $6.7 billion in cash and equivalents, including a $1 billion convertible note from Volkswagen.
Rivian and Volkswagen launched a new joint venture worth up to $5.8 billion, which Scaringe said is a “meaningful financial opportunity.”
The EV maker confirmed it’s still on track to post its first positive growth profit in the fourth quarter. Overcoming the recent production hurdle is a big step in hitting its goal.
Rivian will release its Q4 2024 financial results after the market closes on February 20. Stay tuned for more. After releasing its fourth-quarter numbers, Rivian’s stock was up over 10% in pre-market trading on Friday. Meanwhile, share prices are still down around 30% over the past year.
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