The Los Angeles Post
U.S. World Business Lifestyle
Today: April 03, 2025
Today: April 03, 2025

EV maker Rivian beats Q3 delivery estimates after raising production

Manufacturing expert tears down the Rivian electric truck
April 26, 2024
Reuters - Reuters

SAN FRANCISCO (Reuters) - Electric-vehicle maker Rivian Automotive on Monday reported third-quarter deliveries above analysts' estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs).

The Irvine, California-based startup said it was on track to produce 52,000 vehicles in 2023 - a target it raised in August from 50,000 vehicles as supply-chain bottlenecks eased.

The stronger-than-expected numbers from Rivian come amid concerns of softening demand for electric vehicles in the U.S. due to higher borrowing costs, which has prompted price cuts and discounts by rivals including Tesla.

Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 15,564 vehicles in the quarter ended Sept. 30, compared with Visible Alpha estimates of 14,740 vehicles and up 23% from the second quarter.

It produced 16,304 vehicles at its facility in Normal, Illinois, up from 13,992 in the second quarter. That means Rivian has to make just more than 12,300 vehicles in the current quarter to hit its full-year target. 

Price cuts by Tesla to boost demand and responses from competitors have pushed average EV retail prices down to $53,376 in July 2023, from a high of nearly $70,000 a year ago, according to Cox Automotive.

Rivian has stayed away from cutting prices. Instead, it has been cutting cost and moved to building in-house Enduro powertrains to reduce its dependency on suppliers.

Despite a slowdown, there are positive signs of growth in the U.S. EV industry, which has become one of the fastest-growing EV markets, according to market research firm Canalys Research.

(Reporting by Abhirup Roy in San Francisco and Zaheer Kachwala in Bengaluru; Editing by Arun Koyyur)

Related

Business|Economy|Finance|Stock Markets|US

PACCAR's second-quarter profit falls on higher capital spend

Business|Finance|Stock Markets|Technology|US

EV maker Rivian beats Q3 delivery estimates after raising production

Local

Business|Local|News|WrittenByLAPost

Rick Carusoโ€™s Palisades Village Mall announces potential reopening plans

Local|News

L.A. to expand protections for fast-food employees

Crime|US

Mother and Daughter Shot Dead in Compton in Drive-By

US|Local|News

Sergeant from Glendale among 4 killed in Lithuania training accident

Share This

Popular

Arts|Business|Celebrity|Entertainment|Environment|Health

Why Rihanna's expanding Clara Lionel Foundation is seen as a model for celebrity philanthropy

Why Rihanna's expanding Clara Lionel Foundation is seen as a model for celebrity philanthropy
Business|Economy|Political|US

Hear Trump break down tariffs on various countries

Hear Trump break down tariffs on various countries
Asia|Business|Economy|Finance|Political|Stock Markets|US

US and global markets plunge after Trump tariffs heighten chance of a broader trade war

US and global markets plunge after Trump tariffs heighten chance of a broader trade war
Business|Celebrity|Science|Technology

Microsoft founder Bill Gates reflects upon a 50-year-old computer code that reshaped technology

Microsoft founder Bill Gates reflects upon a 50-year-old computer code that reshaped technology

Technology

Health|Political|Technology|US

Senators demand information from AI companion apps following kidsโ€™ safety concerns, lawsuits

Senators demand information from AI companion apps following kidsโ€™ safety concerns, lawsuits
Arts|Europe|Technology

Making a Michelangelo: This studio creates โ€˜identicalโ€™ copies of world-famous sculptures

Making a Michelangelo: This studio creates โ€˜identicalโ€™ copies of world-famous sculptures
Business|MidEast|Political|Technology|World

Meta is fined by Turkey after refusing to restrict content on Facebook and Instagram

Meta is fined by Turkey after refusing to restrict content on Facebook and Instagram
Business|Crime|Technology

โ€˜He just wouldnโ€™t stop staring at meโ€™: Tesla drivers say theyโ€™re being harassed on road

โ€˜He just wouldnโ€™t stop staring at meโ€™: Tesla drivers say theyโ€™re being harassed on road

Access this article for free.

Already have an account? Sign In