Rivian Beats Analysts’ Q1 EV Production Estimates

Leading Challenger to Tesla Rebounding After Setbacks
Rivian factory
Workers on the production line at the Illinois plant. (Jamie Kelter Davis/Bloomberg News)

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Rivian Automotive Inc. built 9,395 battery-electric vehicles in the first three months of the year as the company aims to ramp up production.

The output was above the average 8,752 estimated by analysts. Rivian — which makes two consumer EVs and a delivery van for Amazon.com Inc., one of its biggest investors — delivered 7,946 to customers in the first quarter, the automaker said April 3 in a statement.

Amazon ranks No. 19 on the Transport Topics Top 100 list of the largest private carriers in North America.

Rivian’s shares pared early declines to fall 1.1% at 8:36 a.m. before regular trading in New York. The stock slid 16% this year through the March 31 close.

The Irvine, Calif.-based company was seen as a leading challenger to EV market leader Tesla Inc. after a blockbuster 2021 listing. However, its first year of production was marked by multiple setbacks, including missed targets due to a supply chain crunch and a sharp drop in its shares.

The first-quarter production was a modest slowdown from the 10,020 units pumped out in the prior quarter.

Rivian in late February said it expected to build 50,000 EVs this year, a figure the company reiterated April 3. Management has told employees internally that a total of 62,000 was possible for 2023, Bloomberg reported.

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