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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Alan My view is there are good vehicles from most manufacturers that are worth looking at second hand.I can tell you I don't recommend anything from the Chrysler/Jeep/Fiat/etc gene pool. Toyotas are overly expensive second hand for what they offer, but they seem to be reliable enough.I have a friend who swears by secondhand Subarus and so far he seems to not have had too many issue.As Lou stated many utes, pickups and real SUVs (4x4) seem quite good.
28-Cars-Later So is there some kind of undiagnosed disease where every rando thinks their POS is actually valuable?83K miles Ok.new valve cover gasket.Eh, it happens with age. spark plugsOkay, we probably had to be kewl and put in aftermarket iridium plugs, because EVO.new catalytic converterUh, yeah that's bad at 80Kish. Auto tranny failing. From the ad: the SST fails in one of the following ways:Clutch slip has turned into; multiple codes being thrown, shifting a gear or 2 in manual mode (2-3 or 2-4), and limp mode.Codes include: P2733 P2809 P183D P1871Ok that's really bad. So between this and the cat it suggests to me someone jacked up the car real good hooning it, because EVO, and since its not a Toyota it doesn't respond well to hard abuse over time.$20,000, what? Pesos? Zimbabwe Dollars?Try $2,000 USD pal. You're fracked dude, park it in da hood and leave the keys in it.BONUS: Comment in the ad: GLWS but I highly doubt you get any action on this car what so ever at that price with the SST on its way out. That trans can be $10k + to repair.
28-Cars-Later Actually Honda seems to have a brilliant mid to long term strategy which I can sum up in one word: tariffs.-BEV sales wane in the US, however they will sell in Europe (and sales will probably increase in Canada depending on how their government proceeds). -The EU Politburo and Canada concluded a trade treaty in 2017, and as of 2024 99% of all tariffs have been eliminated.-Trump in 2018 threatened a 25% tariff on European imported cars in the US and such rhetoric would likely come again should there be an actual election. -By building in Canada, product can still be sold in the US tariff free though USMCA/NAFTA II but it should allow Honda tariff free access to European markets.-However if the product were built in Marysville it could end up subject to tit-for-tat tariff depending on which junta is running the US in 2025. -Profitability on BEV has already been a variable to put it mildly, but to take on a 25% tariff to all of your product effectively shuts you out of that market.
Lou_BC Actuality a very reasonable question.
Lou_BC Peak rocket esthetic in those taillights (last photo)