Rivian updated the expected delivery of electric vehicles this year. The company disclosed that the year-round delivery guidelines had been revised upwards from the previous 62,000 to 67,000 to 65,000 to 70,000. This adjustment, which took place against the backdrop of a slowdown in the demand for electric vehicles in the United States, also shows that the company is more certain about the new vehicle type.

2nd quarter delivery was higher than originally targeted

According to the company, the second quarter performed better than internal expectations, mainly from the EDV, R1 series of electric commercial vehicles and the start of the delivery of R2 vehicles. Rivian produced 12,613 vehicles during the season and delivered 12,194 vehicles, up from the previous delivery target of 9,000 to 11,000.

  • Production in the second quarter: 12,613
  • Second quarter delivery: 12,194
  • Original delivery target: 9,000 to 11,000

R2 is the focus of this year's growth

Rivian began selling R2 SUVs to the public market last year at a start-up price of approximately $58,000. The company has expanded the Nomer factory in Illinois to produce this model, while new plants have been built in Georgia to scale up R2 to hundreds of thousands of units.

Rivian did not disclose separately the annual sales target for R2 in this update. However, Claire McDonald, the chief financial officer of the company, had previously mentioned that the sales range of R2 could range between 20,000 and 25,000 during the year. It is not clear whether the latest year-to-year increase in delivery expectations would also mean a synchronized increase in R2 targets.

The profit schedule has been delayed by autopilot input.

More deliveries directly help Rivian ' s financial performance. The company is still digesting the cumulative loss of billions of dollars, which was expected to achieve a normalized profit in 2027, but this schedule has recently been moved.

The company had previously explained that the postponement of the profit target was related to the increase in auto-driving software inputs, particularly as R2 SUV that could be used for auto-driving operations would need to be made available by Rivian following cooperation with Uber.

Additional information:Rivian delivered 42,247 electric vehicles throughout last year. According to the latest guidance, this year the company will deliver on a significantly larger scale than last year.