On April 4th, it was reported that electric vehicle startup Rivian announced its production and delivery data for the first quarter of 2023. During this quarter, the company produced 9,395 vehicles, a year-on-year increase of 268% but a quarter-on-quarter decrease of 7.3%. It delivered 7,946 vehicles, a year-on-year increase of 548% but a quarter-on-quarter decrease of 2.4%.
Despite a slight decrease in delivery volume in Q1 2023 compared to Q4 2022, Rivian still exceeded investors’ expectations. This means the company is on track to achieve its goal of delivering 50,000 vehicles in 2023.
Founded in 2009, Rivian is an emerging electric vehicle manufacturer. Its investors include Ford, Amazon, and Cox Automotive, among others. It is considered one of Tesla’s most threatening competitors.
In Q4 2022, the company produced 10,020 vehicles, a 36% increase compared to the previous quarter, and delivered 8,054 vehicles, a 22.3% increase. In 2022, the company produced 24,337 vehicles, only 663 less than its overall goal of producing 25,000 vehicles, and delivered 20,332 vehicles.
Since the third quarter of 2021, Rivian has produced nearly 35,000 electric vehicles and delivered over 29,000 electric vehicles.
In 2022, the company had a net loss of $6.752 billion for the full year, which is an increase compared to the net loss of $4.688 billion in the previous year.
The company has undergone two large-scale layoffs and has taken many cost-cutting measures to help achieve profitability as soon as possible.
