Rivian Reports 2nd Highest Quarterly EV Deliveries As 2024 Wraps Up

EV startup Rivian Automotive Inc. RIVN on Friday reported 14,183 vehicle deliveries for the three months through the end of December, its second-highest number of quarterly deliveries since it delivered its first EV in the fourth quarter of 2021.

What Happened: Rivian’s highest quarterly deliveries to date were in the third quarter of 2023 when it delivered over 15,000 EVs to customers. The last quarter, when the company crossed the 14,000 delivery threshold, is the second-best quarter for the loss-making EV company since.

Whether the rise in deliveries brings down the company’s losses in the quarter will be clarified once the company reports its financial results after market close on Feb. 20. The company has previously said it is on track to turn a gross profit in the fourth quarter.

For the full year 2024, Rivian delivered 51,579 EVs, within its guidance of 50,500 to 52,000 deliveries. The company also said that it is no longer production-constrained by a component shortage.

Why It Matters: Rivian currently has only two individual customer-oriented vehicles in production- the R1T truck and the R1S SUV. Both are more premium EV choices with a starting price of around $70,000.

The company is looking to expand its total addressable market. The R2 SUV is expected to be priced around $45,000, in the same price range as Tesla Inc.'s best-selling Model Y SUV. R2 is expected to enter production in early 2026.

The company also plans to start deliveries of its R3 crossover after the R2. The crossover is expected to be priced lower than the R2 SUV but it is unclear whether the R3’s price will undercut the Tesla Model 3 or remain within the same range.

Price Action: Rivian shares closed up 24.5% at $16.49 on Friday. The stock is up by 23.5% year-to-date, according to data from Benzinga Pro.

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Photo courtesy: Rivian