Irvine, California — Rivian is maintaining its expectation to produce 50,000 units in 2023 after reporting Q1 delivery numbers in line with analyst predictions.
The EV maker said it delivered 7,946 vehicles in Q1 2023 and produced 9,395 units, marking a 550 percent increase in deliveries (year-over-year) and a more than 250 percent increase in production, year-over-year. Market analysts had predicted 8,000 deliveries.
“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided,” wrote Rivian.
Shares of Rivian fell about four percent following the announcement. As of Monday at 11:15 a.m. ET, shares traded at US$14.56, down 16 percent year-to-date and down 88 percent since its Nov. 2021 Wall Street debut.
The OEM will announce its Q1 2023 financials on May 9.
