Rivian sees 50% increased EV production compared to Q1 2023
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."
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
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