Rivian has smashed Wall Street expectations for quarterly deliveries in Q2 this year and remains on track to hit 50,000 deliveries by year’s end.
The electric car manufacturer was able to produce 13,992 vehicles at its manufacturing facility in Normal, Illinois in the first quarter of 2023. It was also able to deliver 12,640 vehicles during the same period.
These figures represent a significant feat for Rivian. In the first quarter of 2023, it managed to build 9,395 vehicles and deliver 7,946 of them. This was primarily because it was retooling its electric van assembly line while also adding the new Enduro drive unit to its range. News of the company’s production and delivery numbers prompted its stock price to rise by as much as 18%.
Rivian will release its second quarter 2023 financial results after market close on August 8 and could beat analyst expectations once again.
This year will likely prove to be a very important one for the company. In June, Rivian’s chief financial officer Claire McDonough revealed that the R1S currently accounts for 70% of all its pre-orders and that Rivian will soon be making more R1Ss than R1Ts. Unfortunately, its Q2 production and delivery results did not specify how many R1S, R1T, and electric van models were produced.
Read: Rivian Will Start Using Tesla Charging Plug In 2025
Helping to boost the popularity of the brand’s models is the recent launch of the two-motor Enduro powertrain. This powertrain is good for 600 hp and 600 lb-ft (812 Nm) of torque in standard guise while the Enhanced Dual-Motor AWD version delivers a cool 700 hp and 700 lb-ft (948 Nm) of torque.
Rivian may also receive a boost in pre-orders after it confirmed in June that it will adopt the Tesla-developed North American Charging Standard (NACS) plug. It will first develop a NACS adapter for R1T and R1S customers in the spring of 2024 before making the plug standard on the more affordable R1 and R2 models launching in 2025.
