Rivian will more than triple the number of electric SUVs shipped to customers by 2023; 51,579 trucks and vans were delivered and completed last year.
the company announced. On Friday, it also built 49,476 EVs by 2024. That was about 8,000 fewer than the most recent estimate for production in July. Rivian was forced to lower its expectations. Part shortage That has led to a decline in production. The press release stated that the shortage was resolved.
Rivian won't release its financial results for the year until Feb. 20, but the shipment and production numbers cap an up-and-down year for the growing EV company.
The company started in 2024. 10 percent of the workforce was cut. It and others were locked in a price war set by Tesla in February.
A month later, Rivian disclosed. The R2 SUV is its mid-range SUV that is expected to sell in much higher numbers than the current R1S. The R2 is slated to start at around $45,000 and will be built at the company's facility in Normal, Illinois.
The R2 announcement came with its own mix of news. Rivian was truly surprised Big shot: The R3 hatchback is believed to enter production after the R2. But the company also announced it was postponing its new facility in Georgia, saying it would expand the regular facility in the meantime.
In May, Rivian launched. Revised versions R1S and R1T pickup truck. The company has simplified the inner workings of cars. permanent and substantial financial loss.
The company got another boost in June when it announced a joint venture with the Volkswagen Group. The German giant has pledged to invest $5 billion in the partnership. Rivian has agreed to provide software and electrical architecture know-how that will help Volkswagen modernize its portfolio. (Officially closed in November. It increased to $5.8 billion..)
Rivian finished the year. Guaranteed $6.6 billion loan commitment A loan from the Biden administration to help build a Georgia plant has already come under fire from some of the incoming Trump administration's top advisers.
This year could be hectic for Rivian. Not only could the $6.6 billion loan become a political minefield, but Rivian and other EV makers are eyeing the very real possibility that the Trump administration will try to find a way to eliminate the $7,500 federal tax credit for electric vehicles. This could put more pressure on Rivian as it struggles to produce the R2 in the first half of 2026.