Rivian Rivian says it remains on track to build 50,000 EVs in 2023

The EV maker's first-quarter deliveries were in line with Wall Street's expectations.

• Rivian confirmed on Monday that it’s still on track to produce 50,000 EVs in 2023, in line with the guidance it gave investors in February.
• Rivian said it built about 9,400 EVs in the first quarter and delivered just under 8,000 to customers.

Electric vehicle maker Rivian Automotive said on Monday that its first-quarter deliveries were in line with expectations and that it remains on track to produce 50,000 EVs in 2023.

Rivian said in a statement that it produced 9,395 EVs in the first quarter and delivered 7,946 vehicles to customers by quarter-end. Both numbers were down from fourth quarter results, but that wasn’t a surprise: Wall Street analysts polled by FactSet had been expecting Rivian to deliver about 8,000 vehicles during the first quarter.

Rivian’s shares were down slightly in premarket trading after the update.

Rivian also said that it remains on track to hit its full-year production guidance. The company said on Feb. 28 that it expects to produce 50,000 vehicles in 2023, roughly double its 2022 total.

The company didn’t break out deliveries by model. It’s currently building the R1T pickup, R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois.

Rivian will report its first-quarter financial results after U.S. markets close on May 9.

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