Rivian Tops Production Targets and Meets Delivery Goals in 2024

Despite some challenges in getting certain components for its electric vehicles, Rivian met its production and delivery targets for 2024. The EV maker constructed 49,476 vehicles before the year ended, which was still 13% lower than 2023. Total deliveries in 2024 numbered 51,579.

Earlier this year, electric car maker Rivian lowered its annual projected production goals due to a supply issue that began in the third quarter. With that, the company estimated between 47,000 and 49,000 would be manufactured in 2024. Vehicle deliveries were expected to range from 50,500 to 52,000.

The R1T pickup, R1S SUV, and RCV (commercial delivery van) share a common component, which was in short supply. Yet, the component scarcity only briefly affected production.

“The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian’s production,” the company noted.

Rivian Revenue, Job Cuts, and Volkswagen Partnership

For Q3 2024, Rivian brought in revenue of $874 million versus $1.33 billion in Q3 2023. The EV producer took a $392 million gross profit loss in the quarter, which was better than the negative $477 million in the same period a year earlier. It’s estimated that each vehicle produced in Q3 put the company in the hole $39,000, albeit a significant improvement over the $139,000 per vehicle loss reported in Q3 2022.

In February 2024, the automaker announced it was cutting jobs by 10%, marking the third time since summer 2022 the company laid off workers. In a separate cost-cutting move, the company has been negotiating with suppliers to lower material expenses.

In November, Volkswagen Group announced it would invest a total of $5.8 billion in Rivian. Together, the two automakers will share intellectual property and software. The cash injection will certainly help the company on its journey to become profitable. Meanwhile, Volkswagen plans to incorporate Rivian technology into some of its car models.    

Rivian’s fourth quarter 2024 results won’t be announced until Feb. 20. Investors will either rejoice or find disappointment when the numbers are ultimately released.