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 vehicle’s entire lifecycle.
Rivian’s products for the consumer market include the R1 electric truck and R1 utility vehicle.
On the other hand, Rivian’s products for the commercial market include electric delivery vans, which the company has agreed to produce up to 100,000 units for Amazon.
Rivian’s current vehicles are based on the R1 manufacturing platform. The company is making progress to launch the R2 platform in 2026, which is intended to be more sophisticated but cost less to produce.
For your information, the R2 will be Rivian’s first high-volume manufacturing platform in Georgia, a separate location from the existing R1 platform 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 products.
Let’s look at more details, starting with the table of contents below.
Vehicles Produced By Year And 2023 Outlook
Rivian produced 24,000 vehicles in 2022 and expects to produce up to 52,000 vehicles by the end of fiscal 2023, representing a rise of 116% over 2022.
These figures include all types of vehicles that Rivian has and will produce, including its electric cars for the consumer market and the electric vans for the commercial market.
Vehicles Produced By Quarter
Rivian produced 16,000 vehicles in fiscal 3Q 2023, more than double the number measured in the same quarter a year ago.
In the first 9 months of fiscal 2023, Rivian’s total vehicles produced reached 39,000 units, up 80% over the same period in 2022.
Rivian is on track to reach its production target of 52,000 units by the end of fiscal 2023.
Vehicles Produced By TTM
As of 3Q 2023, Rivian’s total vehicles produced by TTM reached nearly 50,000 units, only 2,000 units shy of the 52,000 production target for 2023.
Therefore, Rivian will likely exceed its production target of 52,000 units by the end of fiscal 2023.
Growth Rates Of Vehicles Produced By TTM
Rivian’s TTM vehicle produced as of 3Q 2023 was up 224% over the same quarter a year ago.
Vehicles Delivered By Quarter
Rivian delivered 15,500 vehicles in 3Q 2023, more than double the figure measured in the same quarter a year ago.
In the first 9 months of fiscal 2023, Rivian’s total vehicles delivered reached 36,000 units compared to 19,000 units reported in the same period in 2022.
Vehicles Delivered By TTM
Rivian delivered 44,000 vehicles in 3Q 2023 on a TTM basis, more than triple the figure measured in the same period a year ago.
Growth Rates Of Vehicles Delivered By TTM
Rivian’s TTM vehicle delivered as of 3Q 2023 was up 235% over the same quarter a year ago.
Revenue Per Vehicle
The revenue per vehicle is calculated as total revenue recognized divided by the number of vehicles delivered.
That said, Rivian’s revenue per vehicle reached nearly $85,000 as of 2Q 2023, a record figure since 2022.
A trend worth mentioning is the rise of Rivian’s revenue per vehicle since 2022 and the much higher revenue per vehicle of Rivian compared to other automobile companies as seen in this article – Revenue Per Vehicle Of Major Automobile Companies.
For example, Tesla earned a revenue per vehicle of only $53,000. At the same time, those of Chinese automakers were much lower, according to this article – Tesla Vs Nio, Xpev, And Li Auto In Revenue Per Vehicle.
Rivian needs to bring its revenue per vehicle or vehicle selling price down to remain competitive in the EV market.
Rivian Automotive is a relatively young automobile company expected to produce only 50,000 vehicles in 2023.
Apart from that, Rivian has a much higher vehicle selling price or revenue per vehicle compared to other EV makers.
To remain competitive in the EV market, Rivian has to bring its cost down and, therefore, the revenue per vehicle delivered.
Can the upcoming R2 platform be the game-changer for Rivian?
We will see.
References and Credits
1. All financial figures presented in this article were obtained and referenced from Rivian Automotive, Inc.’s annual and quarterly reports, shareholder letters, press releases, vehicle production, and delivery reports, etc., which are available in Rivian Investor Relations.
2. Images were obtained from Rivian R1S.
References and examples such as tables, charts, and diagrams are constantly reviewed to avoid errors, but we cannot warrant the total correctness of all content.
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