Electrical-vehicle maker Rivian Automotive on Monday reported third-quarter deliveries above market expectations, because it ramped up manufacturing to satisfy a sustained demand for its pickup vans and sport-utility autos (SUVs).
The Irvine, California-based startup mentioned it was on observe to provide 52,000 autos in 2023 – a goal it raised in August from 50,000 autos as supply-chain bottlenecks eased.
The numbers from Rivian come amid issues of softening demand for electrical autos within the U.S. as a consequence of greater borrowing prices, which has prompted value cuts and reductions by rivals together with Tesla.
Rivian, which makes R1T pickup vans and R1S SUVs, delivered 15,564 autos within the quarter ended Sept. 30, in contrast with Seen Alpha estimates of 14,740 autos and up 23% from the second quarter.
Its shares, nevertheless, have been buying and selling marginally decrease as some buyers, in line with Needham & Co analyst Chris Pierce, thought it was a smaller-than-expected beat on deliveries in contrast with Rivian’s efficiency within the first half.
The EV maker produced 16,304 autos at its facility in Regular, Illinois, up from 13,992 within the second quarter. Which means Rivian has to make simply greater than 12,300 autos within the present quarter to hit its full-year goal.
Value cuts by Tesla to spice up demand and responses from opponents have pushed common EV retail costs right down to USD 53,376 in July 2023, from a excessive of practically USD 70,000 a 12 months in the past, in line with Cox Automotive.
Rivian has stayed away from chopping costs. As an alternative, it has been chopping price and moved to constructing in-house Enduro powertrains to scale back its dependency on suppliers.
Regardless of a slowdown, there are constructive indicators of progress within the U.S. EV business, which has change into one of many fastest-growing EV markets, in line with market analysis agency Canalys Analysis.