Rivian Plans Electric Truck and SUV Production Pause as Deliveries Jump 71 Percent

Coming off of the profitable reveal of the 2026 Rivian R2 electrical SUV and shock announcement of the 2027 Rivian R3 and R3X compact off-roaders, Rivian now welcomes extra excellent news to kick its monetary momentum up for the yr. With EV gross sales slowing, can one of many latest all-electric producers sustain the tempo? It appears so.

With 13,588 autos delivered to date, Q1 2024 is up 71 % over final yr and “in line” with Rivian’s earlier forecast that it’ll produce 57,000 autos yearly, in accordance with Automotive Information. Manufacturing can also be up 48 % with 13,980 autos constructed at its Regular, Illinois, plant however we gained’t get a great have a look at its monetary efficiency till the shut of the market on Could 7. That’s when Rivian will give its stockholders and buyers information on their cashflow thus far in 2024, the place we’ll get to see how the corporate is ideally reducing its (huge) losses—actually.

The Automotive Information story couldn’t get a break down on the gross sales by mannequin. After we requested for a similar data from Rivian, we had been informed the identical reply: “We don’t break down the automobile break up on manufacturing numbers for R1,” stated a spokesperson at Rivian. It additionally means we will’t affirm if among the improve in deliveries is said to the R2: simply after its launch, an electronic mail delivered information that proudly owning both model of the R1 would put you on the entrance of the road of the newly introduced and now hotly anticipated all-electric crossover.

This implies we should go by what AN reported, which relied on registration information from S&P International Mobility, saying that 2,710 R1S and 762 R1T fashions had been newly registered so far in 2024. These numbers do account for the three,818 complete registrations introduced, which is a rise of 46 % over the identical registration information from 2023. For all of 2023, Rivian produced 57,232 autos and delivered 50,122 to clients by year-end. So why does not it anticipate that momentum to lead to progress, particularly if Q1 is such an enchancment over final yr? Properly, there’s not-so-good information that accounts for that, nevertheless it does seem to be a part of Rivian’s plan.

Again in February, the automaker did beforehand say that it anticipated manufacturing to be flat when in comparison with 2023 and that gained’t be helped by a shutdown at its Regular, Illinois plant. Throughout Q2 2024, this plant can be introducing “new suppliers” for its autos and efficiency enhancements aimed to extend manufacturing efficiencies that ought to assist with price discount. After we requested our Rivian spokesperson about this shut down and if it’s associated to the R2, once more we obtained the identical reply as AN. “We’re introducing new supplies and manufacturing efficiencies on the R1 line.” This can solely compound as Rivian has additionally paused funding and building of a brand new Georgia manufacturing plant to attempt to assist steadiness its present funds.

It additionally appears like Wall Avenue hasn’t taken the report nicely, as Rivian inventory fell from a earlier excessive of $12.78 per share on March 8 to $10.49 on April 2, the day the Automotive Information story went dwell. As of this writing, its inventory did regain some floor to complete out just a few cents increased per share, however nonetheless beneath its first week of March inventory efficiency. Nonetheless—extra deliveries at an rising price is an effective signal of well being for the automaker going ahead, and we must always have a clearer concept of its funds in a month.