Rivian Increases Production but Misses Expectations; Tesla Reaches Milestone Despite Slow Q3

Both are gearing up for 2024, recently dubbed as the "Year of More" for EVs, with a forecast for an increase in models, incentives, discounts and sales efforts.

Rivian produced 57,232 vehicles in 2023, including the R1T, shown here.

Electric vehicle makers Rivian and Tesla reported production and delivery results for the final quarter and full year of 2023.

Rivian announced it produced 17,541 vehicles in Q4 at its manufacturing facility in Normal, IL, and delivered 13,972 during the same period---a 7.5% increase in production, but a 10% decrease in deliveries compared to Q3.

Analysts had been expecting the company to deliver 14,430 in the final quarter.

Over the entire year, Rivian said it produced 57,232 vehicles---a 135% increase compared to 2022---and delivered 50,122. That number also just missed analysts’ delivery expectations of 51,000.

Tesla, on the other hand, met its goal to deliver 1.8 million vehicles worldwide in 2023, even after a slow Q3 due to production line upgrades at multiple factories.

In Q4 alone, Tesla produced approximately 495,000 vehicles and delivered more than 484,000. 

While the highly-anticipated Cybertruck was first delivered to customers in late November, it has yet to start volume production. Tesla’s strong sales results were rather the result of promotions, like free Supercharger access and $1,000 discounts on any new Tesla to Cybertruck reservation holders, and price cuts on its Model S and X series.

The Model 3 and Y series remain the mainstay of Tesla's lineup, accounting for the lion's share of both production and deliveries. These models alone saw production numbers of 1,775,159 and deliveries of 1,739,707 in 2023.

Cox Automotive recently dubbed 2024 as the "Year of More" for EVs, forecasting an increase in models, incentives, discounts and sales efforts. EV sales in the U.S. are expected to surpass the 1 million-unit mark set in 2023.

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