Electric pickup and SUV maker Rivian announced it delivered 15,564 vehicles in Q3 2023, check out on X Rivian Updates, meeting its target of 15,000-16,000. Rivian produced 16,304 vehicles during the quarter.
The company believes it remains on pace to achieve its full-year guidance of producing 50,000 vehicles despite economic headwinds.
In Q2 2023, Rivian delivered 12,460 vehicles and produced 13,992. So Q3 deliveries represent a 23.1% increase quarter-over-quarter.
Rivian currently offers the R1T pickup truck and R1S SUV with plans to expand its lineup over time.
Earlier this year, Rivian lowered prices across its vehicles by up to $12,000 to improve affordability. As of July 2023, the average Rivian selling price dropped to $53,376 compared to almost $70,000 a year ago.
The company has also been focused on reducing costs through vertical integration efforts like developing its own Enduro powertrain.
According to research firm Canalys, the U.S. has emerged as one of the fastest growing electric vehicle markets globally. Rivian aims to capitalize on this demand through disciplined production growth.
By maintaining its 2023 production guidance, Rivian aims to provide stability around its trajectory in an uncertain economic climate. Delivering over 15,000 vehicles this past quarter keeps Rivian on a path towards profitability.