Rivian R1T. Image By Rivian
Rivian Automotive (RIVN) is a U.S. automobile company specializing in the design, development, and manufacture of electric vehicles.
Rivian’s products include not only the vehicle but also the software and accessories as well as value-added services that directly address the entire lifecycle of the vehicle.
In terms of vehicles, Rivian produces and sells only the R1 electric truck and R1 utility vehicle to customers in the consumer market.
For the commercial market, Rivian produces and sells only electric vans to customers in this market segment.
Apart from the R1 and electric vans, Rivian also has been making progress on its next-generation vehicle platform, R2, which is the company’s first high-volume manufacturing platform.
The R2 platform is located in Georgia and is separate from the R1 platform located in Normal, Illinois.
Rivian said that the R2 will be a game changer for the company as the R2 vehicles will be the company’s first mass-market vehicles.
That said, let’s look at Rivian’s vehicle production and delivery numbers which are shown in the following discussions.
Rivian Vehicle Production And Delivery Numbers
1. Number Of Vehicles Produced
2. Number Of Vehicles Delivered
3. 2023 Outlook
4. Average Selling Price (ASP)
5. Conclusion
6. References and Credits
7. Disclosure
Total Vehicle Produced
Rivian vehicle production figures
In terms of vehicles produced, Rivian’s figure came in at 10,000 units as of Q4 2022, or 24,000 units on a TTM basis in the same quarter.
The production figures include all vehicles, such as the R1 and also commercial electric vans.
Rivian’s Q4 2022 production number represents a sequential increase of 35% over Q3 while the TTM figure was a rise of 59% over the prior quarter.
Total Vehicle Delivered
Rivian vehicle delivery figures
The vehicle delivery figures shown in the chart include all vehicle types, including that for the consumer and commercial markets.
While Rivian produced 10,000 vehicles in Q4 2022, it managed to deliver only 8,000 units in the same quarter, representing a rise of 23% over Q3.
On a TTM basis, Rivian’s vehicle deliveries came in at 20,000 units as of Q4 2022 out of 24,000 vehicles produced during the same quarter, also a massive rise of 54% over the prior quarter.
2023 Outlook
Rivian 2023 outlook
Rivian expects to produce up to 50,000 vehicles by the end of 2023, representing a rise of 100% over 2022.
The projected production figure for fiscal 2023 includes vehicles that are only produced in the R1 platform as the R2 platform will only be available in 2024, according to CarScoops
Vehicle Average Selling Price
Rivian vehicle average selling price
The vehicle’s average selling price is calculated based on the ratio of revenue to the number of vehicles delivered.
That said, Rivian’s vehicle ASP has been on the rise as shown in the chart above.
As of Q4 2022, Rivian’s vehicle ASP totaled nearly $82,000 per car sold.
From a comparison perspective, Rivian’s ASP is much higher than the ASP of most automobile companies.
For example, Tesla’s ASP was only about $53,000 per car while that of the Chinese automakers was also in the same range, according to this article – Tesla Vs Nio, Xpev And Li Auto In Vehicle Sales.
Conclusion
Rivian Automotive is still relatively a young automobile company with a projected vehicle production figure of only 50,000 units in 2023.
Compared to other EV companies such as Tesla, Rivian is very far behind as Tesla is expected to reach 2 million vehicle production and delivery in 2023.
Even some of the Chinese automakers will be delivering close to half a million vehicles in 2023.
Therefore, there are a lot of catch-ups to do for Rivian.
References and Credits
1. All financial figures in this article were obtained and referenced from Rivian Automotive, Inc.’s annual reports which are available in Rivian Investor Relations.
2. Images were obtained from Rivian R1S.
Disclosure
The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.
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