● Covered by 2 sources · 2 reportsMedium impact
Rivian Boosts 2023 Delivery Forecast Amid Strong Q2 Performance
Key points
- Rivian raises 2023 delivery forecast to 65,000-70,000 units.
- Q2 production reached 12,613 vehicles; deliveries at 12,194 units.
- Rivian's strong Q2 performance contrasts Lucid's shortfall.
- New R2 SUV contributes to increased delivery outlook.
- Rivian stock increased following the announcement.
Rivian Increases 2023 Delivery Forecast
Rivian Automotive has revised its 2023 delivery forecast upwards, now expecting to deliver between 65,000 and 70,000 vehicles. This adjustment from a prior range of 62,000 to 67,000 reflects stronger-than-expected performance during the second quarter of the year.
Second Quarter Performance
During Q2, Rivian produced 12,613 vehicles and delivered 12,194 units, surpassing analyst expectations. The company attributes this growth to increased demand for its electric delivery vans and the flagship R1 model.
The introduction and ramp-up of its new mid-sized R2 SUV also contributed to the elevated delivery guidance.
Industry Context
The increase in Rivian's forecast occurs amid broader challenges in the EV market, including the loss of the federal EV tax credit and regulatory rollbacks which have cooled sales growth in the United States.
In contrast to Rivian's positive news, competitor Lucid Group reported lower-than-expected Q2 deliveries, highlighting their differing market trajectories.
Market Reaction
Following the announcement, Rivian's stock rose by approximately 6% in early trading, indicating investor confidence in the company's ability to meet its revised targets and continue its positive trajectory.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
The daily brief
One email each morning: the day's tech stories, clustered across outlets and summarized. No account needed.
One email a day. Unsubscribe in one click, any time.
Today's brief
Spend a few minutes, get the whole day. Every topic's top stories in one hands-free rundown — listen, watch, or read the transcript.
▶ Play today's brief
New every morning, and the back catalogue is archived by date.
How outlets covered it
Rivian raised its 2026 delivery guidance to 65,000-70,000 units due to strong demand, while Lucid's Q2 deliveries fell short of expectations, producing only 4,774 vehicles. The contrasting results highlight different trajectories for these electric vehicle makers amidst a competitive landscape.
Rivian has raised its delivery forecast for 2023 from 62,000-67,000 to 65,000-70,000 vehicles. This revision comes despite challenges in the EV market and follows a strong Q2 performance, indicating optimism about their new R2 SUV.