Rivian increases 2023 production guidance on back of successful ramp-up

American electric vehicle (EV) manufacturer Rivian is enjoying it’s time in the sun, announcing this week that it had increased production and deliveries by over 50% and increased its 2023 production guidance from 50,000 to 52,000.

Rivian, maker of the R1T electric pickup truck/ute, the R1S electric SUV, and Rivian EDV delivery vans, is quickly becoming a watchword for the increase in the popularity of electric vehicles. And as popular success grows, the company’s financial situation continues to steady.

The California based EV maker posted its second quarter 2023 financial results on Tuesday, beating market expectations on revenue, while narrowing losses and reducing costs.

But it is the company’s production and delivery numbers which tell the most important story of all. Rivian previously announced that it had produced 13,992 vehicles and delivered 12,640 vehicles during the second quarter, handily beating market expectations.

This was up approximately 50% and 60% respectively, while gross profit per vehicle delivered has improved dramatically by around $US35,000.

For the first time since the start of production, production of the R1S SUV outpaced that of the R1T ute, with the R1S accounting for around 70% of total R1 production.

Due to the successful ramp of production and the ramp of the company’s own in-house Enduro motor line, paired with shoring up its supply chain, Rivian also announced that it was increasing 2023 production guidance from 50,000 to 52,000.

Rivian successfully began incorporating its in-house Enduro drive units as single motor variants into its EDV platform during the first quarter.

This allowed Rivian to begin integrating these motors as Dual-Motor variants in the R1 platform during the second quarter of 2023, a move the company hopes will magnify the cost benefits and supply chain flexibility their motor platform provides.