Rivian sees 50% increased EV production compared to Q1 2023

Focus remains on ramping production, driving cost efficiencies, developing future tech, & boosting customer experience, says RJ Scaringe, Rivian CEO

Electric car company Rivian is a network of offices, test labs, experience centres, service centres, charging stations and manufacturing sites, all driven by sustainability.

The company has committed to reaching net zero carbon emissions by 2040, having become the first automaker to sign the United Nations 24/7 Energy Compact.

“As a mission-driven company founded to accelerate the transformation to clean transportation, we are not comfortable allowing emissions to shift from tailpipes to power plants,” shares Anisa Costa, Rivian’s Chief Sustainability Officer. 

“We take our responsibility seriously to drive system-wide decarbonisation.”

Costa has been at Rivian since April 2022, alongside her roles as President and Trustee of the Rivian Foundation and Council Member of the Global Future Council on the Future of Responsible Resource Use at the World Economic Forum. Previously, she spent nearly two decades at Tiffany & Co., including as CSO.

Rivian’s net zero emissions commitment requires the company to fully understand the carbon impact associated with its suppliers and service providers as well as its own operations, driving decisions and actions – from working on more sustainable raw material supply to aggressively managing our waste generation.

Rivian sees increasing demand for EVs whilst the wider industry cuts back

Thanks to continued demand, Rivian Automotive has raised its production forecast for the full year by 2,000 vehicles to 54,000 units.

“It was a strong quarter,” celebrates RJ Scaringe, Rivian Chief Executive Officer and Founder.

“We remain focused on ramping production, driving cost efficiencies, developing future technologies, and creating an amazing customer experience.”

Scaringe founded Rivian in 2009 with a goal to build vehicles that are rugged, luxurious and battery powered, and has been CEO since. 

He gained his Ph.D and Masters of Science from Massachusetts Institute of Technology, having attended Rensselaer Polytechnic Institute for his Bachelors. 

His dedication to sustainable living extends to his lifestyle beyond transport choices — Scaringe is a vegan, and doesn’t eat or use any animal products including dairy and meat. This is reflected in the design of Rivian vehicles, which feature 100% animal free materials.

This increase comes whilst other large players in the market — including Tesla, GM and Ford — are cautiously examining their operations, concerned about demand slowing, and EV developer Lucid has reduced its outgoings from 10,000 units to 8000-8,500.

"I'm actually surprised to be honest at how much we've seen others pull back," Scaringe comments.

"I think it's going to create, unfortunately, somewhat of a vacuum of products in the market."

Rivian Quarterly Production and Delivery Statistics

In addition to increasing 2023 production guidance to 52,000 vehicles, highlights from Rivian’s second quarter include:

  • adding Dual-Motor to the R1 lineup
  • 23,387 vehicles produced in the first half of 2023
  • ~50% increase in production vs. Q1 '23
  • ~60% increase in deliveries vs. Q1 '23
  • ~US$35,000 gross profit per vehicle delivered improvement
  • 2023 Adj.EBITDA guidance improved to US$4,200m
  • 2023 Capex guidance reduced to US$1,700m

 

*********************************************

EV Magazine is dedicated to creating a global community of businesses, experts, and EV enthusiasts with comprehensive insights into automotive and the surrounding sectors.

For more EV insights check out the latest edition of EV Magazine and be sure to follow us on LinkedIn & Twitter.

You may also be interested in Sustainability Magazine and Energy Digital Magazine

*********************************************

Net Zero LIVE will be hosted live from the QEII Centre, London on the 6th and 7th of March, and streamed globally via our virtual event platform Brella. Net Zero LIVE London will feature four LIVE themes, incorporating Sustainability LIVE, EV LIVE, Scope 3 LIVE, and Energy LIVE to deliver a holistic conference and exhibition experience with opportunities to connect with like-minded peers and actively contribute to crafting a sustainable future. Following Net Zero LIVE, viewers can also sign up for Sustainability LIVE Dubai and Singapore. 

Sign up to the The Global Sustainability & ESG Awards 2024, coming to London on the 11th September 2024. 

*********************************************

BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

Apple Shifts Gears on Electric Vehicle Project Titan

Apple decides to abandon its self-driving electric vehicle dream, known as Project Titan, to instead focus on Gen AI initiatives & other AI technologies

Decarbonising Roads with Tevva's Electric Truck Test-Drive

Director Ken Scott explains why Tevva’s test drive event is a way for sustainable trucking solutions to light the way for zero-emission fleet management

EVs can Save Lives & Generate US$1.2trn in Health Benefits

A new report from American Lung Association shows how zero-emission electric vehicles can save lives & create huge health benefits

SAP: Disruption is an Opportunity for Automotive industry

Technology

ev.energy & BeWorks Automation Accessible Charging Grants

Charging & Infrastructure

Toyota's Electric Vehicle Mobility Roadmap

Mobility