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Rivian today released its production and delivery results for the third quarter ending September 30, 2024. The electric vehicle manufacturer produced 13,157 vehicles at its Normal, Illinois facility and delivered 10,018 vehicles during the same timeframe.
The company’s Q3 performance was impacted by an ongoing supply chain disruption, specifically a shortage of a shared component affecting both its R1 and RCV platforms. Rivian stated that this supply issue began in Q3 and has intensified in recent weeks, prompting the company to revise its annual production outlook. The revised guidance now estimates between 47,000 and 49,000 vehicles for the year, down from previous projections of 57,000.
Despite the production slowdown, Rivian is maintaining its annual delivery outlook with expectations of low single-digit growth compared to 2023, forecasting deliveries to range between 50,500 and 52,000 vehicles by year-end.
Looking ahead, Rivian has announced that it will release its financial results for Q3 2024 on November 7, 2024, after market close. A live audio webcast to discuss the company’s performance and future outlook will take place at 5:00 p.m. ET on the same day. Interested parties can tune in via the following link: https://edge.media-server.com/mmc/p/2m7m5wyb.
This announcement comes at a critical time as Rivian works to manage production challenges while meeting its delivery targets for the year. Stay tuned for updates on Rivian’s financial performance and operational progress.