The U.S. EV industry has become one of the fastest-growing EV markets, despite of the decline observed in the demand.
Rivian Automotive, an electric vehicle maker, reported third-quarter deliveries higher than market expectation on Monday. Visible Alpha, a market analysis firm, had estimated Rivian would manufacture 14,740 vehicles in this quarter.
Rivian delivered 15,564 vehicles in this quarter (ended 30th September), which is 23% more than the second quarter. The company produced 16,304 vehicles in the first quarter and 13,992 in the second quarter. It is estimated to produce 52,000 vehicles in 2023, as its target increased from 50,000 due to eased supply-chain bottlenecks.
Competing EV makers, including Tesla, have reduced prices to boost demand. The average EV retail prices went down to $53,376 in July,2023 from $ 70,000 last year. Instead of price cuts, Rivian resorted to cutting cost by building in-house Euduro powertrains.
As compared to the first half, their performance was inadequate, according to some investors. Due to this Rivian’s share prices have decreased.
Rivian Automotive, Inc. is an American electric vehicle manufacturer and automotive technology and outdoor recreation company founded in 2009. Rivian produces an electric sport-utility vehicle (SUV), pickup truck on a skateboard platform that can support future vehicles or be adopted by other companies and electric delivery van (Rivian EDV).