🚗Rivian Surges with Q3 Deliveries, 45% YoY Growth
Rivian's Q3 Numbers Signal a Major Turnaround
TL;DR
Rivian delivered 19,248 vehicles in Q3, a 45% increase from the previous year. The R2 SUV, launched in June, is driving this growth, with plans to sell 20,000 to 25,000 units by year-end. Rivian's financial results are due on October 29.
Rivian just delivered 19,248 vehicles in Q3, marking a 45% increase from the same period last year. The R2 SUV, launched in June, is driving this surge, with plans to sell 20,000 to 25,000 units by year-end. This is a big deal for Rivian, which has been struggling to hit its 50,000-vehicle mark. The R2 starts at just under $60,000 and is crucial for Rivian to turn around years of heavy losses. Rivian is also building a new factory in Georgia, expected to produce up to 300,000 vehicles annually.
Key Points
Rivian delivered 19,248 vehicles in Q3, a 45% increase from the same period last year.
The R2 SUV, launched in June, starts at just under $60,000 and is driving Rivian's growth.
Rivian plans to sell 20,000 to 25,000 R2 vehicles by the end of the year, aiming for 65,000 to 70,000 total in 2023.
Rivian's new factory in Georgia is expected to produce up to 300,000 vehicles annually in the near future.
Rivian has signed a deal with Uber to make robotaxi versions of the R2 SUV, seeing this as a big market opportunity.
Why It Matters
If Rivian hits its Q4 targets, it could see 65,000 to 70,000 total sales this year, up from around 50,000 in previous years. This growth is crucial for the company to stem years of heavy losses. The R2 SUV, starting at just under $60,000, is key to this turnaround. Rivian's new Georgia factory, expected to produce up to 300,000 vehicles annually, will be critical for future growth.
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