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Rivian raises EV sales forecast as Q2 production ramps up
TechCrunch • • business
Key Points:
- Rivian has raised its 2024 vehicle delivery forecast to between 65,000 and 70,000 units, up from the previous estimate of 62,000 to 67,000, signaling stronger-than-expected sales despite challenges in the U.S. EV market.
- The company shipped 42,247 electric vehicles in 2023 and delivered 12,194 vehicles in Q2 2024, surpassing its initial quarterly delivery expectations of 9,000 to 11,000.
- Rivian attributes its improved performance to robust growth in its electric commercial vans (EDV) and R1 models, as well as the recent launch of the new R2 SUV, which started sales last month with a base price around $58,000.
- The company is expanding its production capacity with factory upgrades in Illinois and a new facility in Georgia to support plans for mass production of the R2 SUV, aiming for hundreds of thousands of units annually.
- While Rivian has not specified updated sales targets for the R2 SUV, CFO Claire McDonough previously projected 20,000 to 25,000 units this year; it remains unclear how the increased delivery forecast is distributed among the R2, EDV, and R1 models.
