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Rivian (RIVN) Delivers 12,640 Vehicles in Q2, Up 59% Q/Q
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Rivian Automotive, Inc. (RIVN - Free Report) announced its second-quarter 2023 production and delivery numbers. The automaker produced 13,992 vehicles, up 48.9% quarter over quarter and 280% year over year. It delivered 12,640 vehicles, up 59% quarter over quarter and 183% year over year.
The automaker said that it remains on track to deliver the 50,000-unit annual production guidance provided previously. The company also said that its R1 platform continues to show robust quarter-over-quarter growth.
After a slow start in the first quarter, Rivian emphasized streamlining production and cost-cutting to accelerate output. A strong improvement in production at the Normal, IL, facility in the second quarter backed the company’s strategy of accelerating output.
Last month, Claire McDonough, CFO of Rivian, said that the company is experiencing some relief on supply chain issues, which were a cause of concern for the industry over the past few years. She added that Rivian’s Enduro production ramp is ahead of schedule and the company is seeing a “robust backlog of preorders that extends into 2024.”
Rivian’s electric delivery vans are ready to debut in Europe. The vans will deliver Amazon’s (AMZN - Free Report) packages across major cities in Germany. The e-commerce giant recently announced that more than 300 electric vans are set to hit the roads of Munich, Berlin and Dusseldorf in the coming weeks.
The Rivian-Amazon collaboration commenced in 2019 when Amazon invested $700 million in the electric vehicle maker. A few months later, the e-commerce giant announced plans to purchase more than 100,000 electric delivery vans from the automaker by the end of the decade. The deal is part of Amazon’s effort to decarbonize its delivery fleet as well as accelerate innovation that could help others achieve carbon net zero.
In 2020, Amazon unleashed Rivian’s electric delivery van with a clean and contemporary design. The vans are designed from the ground up and focused on the safety, sustainability and comfort of the drivers. The first Rivian-built van started making deliveries across Los Angeles in February 2021. During last year’s holiday season, more than 1,000 vans registered their presence across 100 US cities.
The vans designed for Europe are shorter and thinner than their US counterparts, making them a better fit for European cities. Per Amazon, the new fleet will join thousands of operating vans across Europe, including more than 1,000 in Germany alone.
Currently, more than 3,000 Rivian vans are delivering packages in more than 500 US cities and regions.
Zacks Rank & Key Picks
RIVN currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space are General Motors Company (GM - Free Report) and Li Auto, Inc. (LI - Free Report) , each carrying a Zacks Rank #1 (Strong Buy).
General Motors is one of the world’s largest automakers. GM shares are up 16% year-to-date. The company surpassed earnings estimates in three out of the trailing four quarters and missed once, the average surprise being 15.5%.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 77.7% year-to-date. The company’s expected earnings growth rate for the current year is 2,400%.
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Rivian (RIVN) Delivers 12,640 Vehicles in Q2, Up 59% Q/Q
Rivian Automotive, Inc. (RIVN - Free Report) announced its second-quarter 2023 production and delivery numbers. The automaker produced 13,992 vehicles, up 48.9% quarter over quarter and 280% year over year. It delivered 12,640 vehicles, up 59% quarter over quarter and 183% year over year.
The automaker said that it remains on track to deliver the 50,000-unit annual production guidance provided previously. The company also said that its R1 platform continues to show robust quarter-over-quarter growth.
After a slow start in the first quarter, Rivian emphasized streamlining production and cost-cutting to accelerate output. A strong improvement in production at the Normal, IL, facility in the second quarter backed the company’s strategy of accelerating output.
Last month, Claire McDonough, CFO of Rivian, said that the company is experiencing some relief on supply chain issues, which were a cause of concern for the industry over the past few years. She added that Rivian’s Enduro production ramp is ahead of schedule and the company is seeing a “robust backlog of preorders that extends into 2024.”
Rivian’s electric delivery vans are ready to debut in Europe. The vans will deliver Amazon’s (AMZN - Free Report) packages across major cities in Germany. The e-commerce giant recently announced that more than 300 electric vans are set to hit the roads of Munich, Berlin and Dusseldorf in the coming weeks.
The Rivian-Amazon collaboration commenced in 2019 when Amazon invested $700 million in the electric vehicle maker. A few months later, the e-commerce giant announced plans to purchase more than 100,000 electric delivery vans from the automaker by the end of the decade. The deal is part of Amazon’s effort to decarbonize its delivery fleet as well as accelerate innovation that could help others achieve carbon net zero.
In 2020, Amazon unleashed Rivian’s electric delivery van with a clean and contemporary design. The vans are designed from the ground up and focused on the safety, sustainability and comfort of the drivers. The first Rivian-built van started making deliveries across Los Angeles in February 2021. During last year’s holiday season, more than 1,000 vans registered their presence across 100 US cities.
The vans designed for Europe are shorter and thinner than their US counterparts, making them a better fit for European cities. Per Amazon, the new fleet will join thousands of operating vans across Europe, including more than 1,000 in Germany alone.
Currently, more than 3,000 Rivian vans are delivering packages in more than 500 US cities and regions.
Zacks Rank & Key Picks
RIVN currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space are General Motors Company (GM - Free Report) and Li Auto, Inc. (LI - Free Report) , each carrying a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors is one of the world’s largest automakers. GM shares are up 16% year-to-date. The company surpassed earnings estimates in three out of the trailing four quarters and missed once, the average surprise being 15.5%.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 77.7% year-to-date. The company’s expected earnings growth rate for the current year is 2,400%.