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Rivian has a difficult yr forward — and the primary quarter is off to a tepid begin.
The EV startup introduced Tuesday that it constructed 13,980 automobiles and delivered 13,588 of them within the first quarter of 2024. Each of these figures are down from the fourth quarter of 2023, the place it constructed 17,541 and shipped 13,972.
Rivian did sign that it plans to make roughly the identical variety of EVs because it did in 2023. So, if the corporate can preserve apace of 2023 numbers it ought to meet targets. Issues gained’t get simpler from right here. Rivian plans to close down its manufacturing traces for weeks within the second quarter so it could make upgrades that ought to assist it decrease the price of constructing its EVs — one other crucial problem it should overcome if it hopes to stay a related participant and keep within the recreation lengthy sufficient to carry its next-generation R2 EVs to market in 2026.
Producing and promoting automobiles, which incorporates the R1S SUV, R1T pickup and two variations of a industrial electrical van, has by no means been the corporate’s solely problem. Decreasing the price of constructing its EVs is crucial to profitability. The corporate reported in February that it was dropping round $43,000 on each car bought within the closing quarter of final yr.
All this uncertainty is coming at a time when many firms are having bother assembly the lofty expectations that have been set by booming EV gross sales over the past two years.
Tesla reported its personal very weak first quarter gross sales on Tuesday. Ford has scaled again its ambitions for its flagship EVs. Within the startup world, Lucid Motors mentioned in February that it solely plans to construct round 9,000 luxurious sedans this yr because it continues to try to set up a market. Fisker has fallen just about flat on its face, promoting solely half of the ten,000 electrical SUVs its contract producer made in 2023.
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