Rivian Automotive, the electric vehicle (EV) manufacturer known for its trucks and SUVs, has reported a significant increase in its gross loss per unit delivered in the third quarter of 2024. This comes on the heels of a decline in deliveries, marking the lowest quarterly delivery numbers since the first quarter of this year.
The company delivered 10,018 EVs in the third quarter, leading to a gross loss per unit delivered of $39,130. This represents a substantial increase from the $32,705 loss per unit reported in the second quarter.
This rise in loss per vehicle can be attributed to the drop in deliveries. Rivian’s lowest loss per vehicle delivered was achieved in the fourth quarter of 2023 when deliveries surpassed 15,000 units for the first and only time. However, deliveries slumped in the following quarter, causing the loss per vehicle delivered to climb.
Despite the challenges, Rivian remains optimistic about its future prospects. In October, the company revised its annual production forecast downwards by 18%, citing production disruptions stemming from component shortages. However, Rivian has reassured investors by reaffirming its 2024 delivery outlook of 50,500 to 52,000 vehicles. Furthermore, the company has stated that it is on track to achieve a gross profit in the fourth quarter of 2024.
Rivian’s performance in the third quarter highlights the ongoing challenges facing the EV industry. Supply chain disruptions and component shortages continue to impact production and profitability. However, Rivian’s commitment to its delivery targets and its focus on profitability suggests a strong belief in its long-term growth potential.
