● Covered by 1 source · 1 reportMedium impact1 positive
Rivian Sets New Sales Record in Q3, Driven by R2 SUV Launch
Key points
- Rivian delivered 19,248 vehicles in Q3, a 45% increase from last year.
- The R2 SUV, launched in June, contributed significantly to the sales record.
- Rivian projects 20,000-25,000 R2 sales by year-end, targeting 65,000-70,000 total vehicles.
- The company is expanding production with a new factory in Georgia.
Record-Breaking Third Quarter Sales
Rivian announced its best-ever quarterly sales performance in the third quarter, delivering 19,248 electric vehicles. This represents a 45% increase compared to the same period last year. The company also built 19,751 vehicles during this quarter.
Impact of the R2 SUV
The new R2 SUV, which launched in June and starts at just under $60,000, is identified as a primary driver for the sales growth. While specific R2 sales figures were not disclosed, this was its first full quarter on the market. Rivian plans to release its full third-quarter financial results on October 29.
Ambitious Sales Projections
Rivian anticipates selling between 20,000 and 25,000 R2 vehicles by the end of the year, which would position it as one of the fastest-selling EVs in the U.S. after Tesla's Model Y. The company also plans to introduce R2 models priced as low as $45,000. These projections contribute to an overall target of 65,000 to 70,000 total vehicle sales for the year, including its R1 lineup and commercial electric vans, marking a significant increase from previous years where sales hovered around 50,000 units.
Production Expansion and Future Plans
To support increased production, Rivian has expanded its manufacturing space at its Normal, Illinois factory, where the R2 is currently built. Additionally, the company is constructing a new factory outside Atlanta, Georgia, with an expected annual capacity of up to 300,000 vehicles. Rivian has also partnered with Uber to develop robotaxi versions of the R2 SUV, a market segment it views as having significant potential, leading to a revised profitability timeline to invest further in autonomy.
✨ 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 →
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Reporting from
Rivian achieved its highest-ever quarterly vehicle sales in Q3, delivering 19,248 units, a 45% increase year-over-year, largely attributed to the introduction of its more affordable R2 SUV. This sales performance is critical for Rivian as it aims to reach profitability and expand its market presence with mass-market electric vehicles.