Rivian Q3 deliveries beat expectations, jump 23% from previous quarter

Rivian reported Monday it produced 16,304 vehicles at its Normal, Illinois factory and delivered 15,564 to customers, a higher-than-expected result that puts the company on track to beat its estimates for the year.

Shares of Rivian fell 3% before gaining back some ground to settle at $24.13.

Rivian expects to produce 52,000 vehicles in 2023. It has produced about 39,691 vehicles, to date. Rivian produces four vehicles: its two consumer vehicles, the R1T truck and R1S SUV, and two versions of its commercial van.

The Q3 results are 23% higher from the previous quarter, when the automaker produced 13,992 and delivered 12,640 vehicles.

Rivian’s Q3 numbers are also more than double what it produced and delivered in the same period last year — a time when the company was still struggling with supply chain problems that curbed production. Those bottlenecks started to open up earlier this year as supply chain issues eased. Rivian has also worked on the efficiency within its Normal, Illinois factory and developed its own drive unit called the Enduro to reduce costs and lessen its dependency on suppliers.

Rivian also announced it will report third-quarter earnings after market close on November 7.