Rivian Shines as Ford Slashes Production: A 2023 EV Industry Snapshot

by TTAC Staff

Published: January 2nd, 2024

rivian shines as ford slashes production a 2023 ev industry snapshot

A leading electric vehicle manufacturer, recently shared its production and delivery figures for the fourth quarter and the entire year of 2023, reflecting a noteworthy accomplishment in the electric vehicle industry. The company, based in Normal, Illinois, reported producing 17,541 vehicles in the last quarter, culminating in a total of 57,232 vehicles for the year, thus surpassing the company's forecast of 54,000 vehicles for 2023.

In terms of deliveries, Rivian successfully delivered 13,972 vehicles in the fourth quarter, leading to a total of 50,122 vehicles handed over to customers throughout the year. This success is particularly significant considering the broader market context, where Ford, a key competitor, has reduced the production of its F-150 Lightning, a rival electric pickup. Despite these market dynamics, Rivian's achievements in production and delivery have exceeded expectations, highlighting its growing influence in the electric vehicle sector.

Upcoming Financial Results Announcement

Looking ahead, Rivian has scheduled the release of its financial results for the fourth quarter of 2023 on February 21st, after the market closes. The company plans to conduct an audio webcast at 5:00 p.m. ET on the same day to discuss these results and provide insights into the company's performance and future prospects. Stakeholders and interested parties can access the live webcast through Rivian's website, with a replay available for four weeks post-broadcast.

Forward-Looking Statements and Risks

Rivian's announcement includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements, which involve predictions and anticipations about future production ramp-up and levels, are based on current expectations and projections. However, they are subject to known and unknown risks and uncertainties that could significantly impact actual results. These factors have been discussed in Rivian's filings with the Securities and Exchange Commission, including its Quarterly Report for the quarter ended September 30, 2023. While the company believes in the reasonableness of these statements, they are inherently uncertain, and reliance on them should be tempered with caution. Rivian also notes that while it may update these forward-looking statements in the future, it is under no obligation to do so.

About Rivian

Rivian is dedicated to contributing to the transition to carbon-neutral energy and transportation. The company designs, develops, and manufactures innovative electric vehicles and accessories, selling them directly to consumers in both personal and commercial markets. Rivian's approach extends beyond vehicles, offering a suite of value-added services that encompass the entire vehicle lifecycle and enhance customer relationships.

This article was co-written using AI and was then heavily edited and optimized by our editorial team.

*From the editor: We'll be using AI to highlight certain topics and types of stories going forward. They will be in addition to, not in place of, human-created content. We will still be producing the same amount of regular content, written and edited by humans, as before. -- TH

TTAC Staff

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28-Cars-Later on Jan 05, 2024
"We will still be producing the same amount of regular content, written and edited by humans, as before. -- TH" [INSERT JOKE HERE ABOUT THE PAST EDITING]

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3SpeedAutomatic on Jan 07, 2024
The text of the story has a Private Securities Litigation disclaimer.I guess all media will develop and implement a similar AI disclaimer or get their butt sued for copyright infringement just like the NY Times suing Microsoft's IA. Based on the above, I foresee another wave of reporters let go by media companies. I wonder if another situation like Watergate will be overlooked by IA due to the lack of reporters who smell a story for what its truly worth!!!🤫🤫🤫🤫

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Recent Comments

Varezhka I have still yet to see a Malibu on the road that didn't have a rental sticker. So yeah, GM probably lost money on every one they sold but kept it to boost their CAFE numbers.I'm personally happy that I no longer have to dread being "upgraded" to a Maxima or a Malibu anymore. And thankfully Altima is also on its way out.
Tassos Under incompetent, affirmative action hire Mary Barra, GM has been shooting itself in the foot on a daily basis.Whether the Malibu cancellation has been one of these shootings is NOT obvious at all.GM should be run as a PROFITABLE BUSINESS and NOT as an outfit that satisfies everybody and his mother in law's pet preferences.IF the Malibu was UNPROFITABLE, it SHOULD be canceled.More generally, if its SEGMENT is Unprofitable, and HALF the makers cancel their midsize sedans, not only will it lead to the SURVIVAL OF THE FITTEST ones, but the survivors will obviously be more profitable if the LOSERS were kept being produced and the SMALL PIE of midsize sedans would yield slim pickings for every participant.SO NO, I APPROVE of the demise of the unprofitable Malibu, and hope Nissan does the same to the Altima, Hyundai with the SOnata, Mazda with the Mazda 6, and as many others as it takes to make the REMAINING players, like the Excellent, sporty Accord and the Bulletproof Reliable, cheap to maintain CAMRY, more profitable and affordable.
GregLocock Car companies can only really sell cars that people who are new car buyers will pay a profitable price for. As it turns out fewer and fewer new car buyers want sedans. Large sedans can be nice to drive, certainly, but the number of new car buyers (the only ones that matter in this discussion) are prepared to sacrifice steering and handling for more obvious things like passenger and cargo space, or even some attempt at off roading. We know US new car buyers don't really care about handling because they fell for FWD in large cars.
Slavuta Why is everybody sweating? Like sedans? - go buy one. Better - 2. Let CRV/RAV rust on the dealer lot. I have 3 sedans on the driveway. My neighbor - 2. Neighbors on each of our other side - 8 SUVs.
Theflyersfan With sedans, especially, I wonder how many of those sales are to rental fleets. With the exception of the Civic and Accord, there are still rows of sedans mixed in with the RAV4s at every airport rental lot. I doubt the breakdown in sales is publicly published, so who knows... GM isn't out of the sedan business - Cadillac exists and I can't believe I'm typing this but they are actually decent - and I think they are making a huge mistake, especially if there's an extended oil price hike (cough...Iran...cough) and people want smaller and hybrids. But if one is only tied to the quarterly shareholder reports and not trends and the big picture, bad decisions like this get made.