Rivian Automotive has announced production and delivery figures for the first quarter of 2023, according to foreign media reports. In the quarter, the company produced 9,395 vehicles, up 268 year-over-year and down 7.3% sequentially, and delivered 7,946 vehicles, up 548% year-over-year and down 2.4% sequentially.
Although Rivian’s deliveries in the first quarter of 2023 were down slightly from the fourth quarter of 2022, they still exceeded investor expectations. This means that the company is on track to deliver 50,000 vehicles in 2023.
Founded in 2009, Rivian is an emerging electric car maker with investors including Ford, Amazon and Cox Automotive, and it is considered one of the most threatening competitors to Tesla.
In the fourth quarter of 2022, the company produced 10.02 million vehicles, up 36% sequentially, and delivered 8,054 vehicles, up 22.3% sequentially. for the full year 2022, the company produced 24.37 million vehicles, just 663 short of its overall goal of producing 25,000 vehicles in 2022, and delivered 20.3332 million vehicles.
Since the third quarter of 2021, Rivian has produced nearly 35,000 electric vehicles and delivered more than 29,000 electric vehicles in total.
For the full year 2022, the company reported a net loss of $6,752 million, an increase from the prior year’s net loss of $4,688 million.
The company has now undergone two major layoffs and has taken many cost-cutting measures to help it achieve profitability as soon as possible.