Rivian Stock: Deliveries Grow 70% As The EV Startup Reaffirms 2024 Production Target

Rivian Automotive (RIVN) reported better-than-expected first-quarter vehicle deliveries and doubled down on its full-year production goal Tuesday. RIVN shares fell Tuesday.

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Rivian, based in Irvine, Calif., announced Tuesday that vehicle deliveries in Q1 totaled 13,588 while it produced 13,980. For 2024, Rivian also reaffirmed previous guidance of producing 57,000 vehicles.

Ahead of Tuesday’s release, analysts expected Rivian to deliver 13,000 units in Q1. On Feb. 21, Rivian predicted that 2024 production would remain flat compared with 2023 while consumer and commercial vehicle deliveries will to grow by low single-digits in 2024.

The carmaker also forecast that vehicle deliveries in Q1 2024 would be about 10%-15% lower than in Q4 2023, which totaled 13,972. However, Rivian’s Q1 deliveries declined only 3%.

Rivian stock dropped 5.2% to 10.51 during stock market action Tuesday. On Monday, RIVN shares advanced 1.3% to 11.09.

Rivian Stock: New Product Line And Funding

The EV startup unveiled the R2 — its smaller, cheaper, next-generation vehicle and platform — on March 7. The vehicle is priced at an estimated starting price of $45,000 with expectations it will also qualify for the $7,500 Inflation Reduction Act (IRA) tax credit.

The vehicle had been planned to be produced at Rivian’s new factory in Georgia. However, the company halted construction of its $5 billion factory and is opening an R2 production line at its Illinois plant. Production of the R2 platform is expected to begin in 2026 with the first deliveries set for the first half of 2026.

Rivian also announced the R3, a more compact crossover style vehicle that uses the R2 platform, and a high-performance R3X offering. The company did not mention pricing or delivery estimates for the R3 or R3X. Rivian did say the R3 will be at a lower price point than the R2 and that deliveries for the R3X will begin after the R2.

Within 24 hours after the launch, Rivian said it received more than 68,000 reservations for the R2.

RIVN shares jumped on positive sentiment around the EV startup’s R2 and R3…

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