Rivian reveals EV deliveries during the third quarter that were higher than anticipated

On Monday, Rivian Automotive announced record electric vehicle deliveries for the third quarter and stated that company is still on schedule to produce 52,000 EVs in 2023.

The business reported that it delivered 15,564 automobiles during the period, exceeding Wall Street expectations and up by 23% from the second quarter of 2023. Rivian was supposed to deliver, on average, 14,000 automobiles throughout the quarter, according to analysts surveyed by FactSet.

In the third quarter, Rivian built 16,304 automobiles at its Normal, Illinois, facility.

As of Monday at noon ET, shares were up approximately 1%.

Additionally, the company reaffirmed that it will continue to produce 52,000 vehicles in 2023, as anticipated by investors. Currently, Rivian manufactures a line of delivery vans for Amazon in addition to its own R1T truck and R1S SUV. All of them are entirely electric.

Earlier this year, Rivian made a number of moves to cut costs and strengthen its balance sheet, including a 6% workforce reduction in February and the issuance of $1.3 billion in convertible notes in March. The business also postponed from 2025 to 2026 the introduction of its next, smaller R2 vehicle platform. At the time of its most recent statement on June 30, it had $10.2 billion in cash on hand.