Rivian Q1 Deliveries Beat Expectations Despite Production Dip; Cheaper EV Models Unveiled Amid Stock Slump

Rivian's Q1 2024 EV deliveries totaled 13,588, down slightly from 13,972 in Q4 2023 but beating expectations. Production also fell to 13,980 from 17,541.

Rivian plans to shut down production lines in Q2 to introduce new manufacturing practices and cut costs after losing $43K per vehicle in Q4 2023.

Despite the shutdown, Rivian reaffirmed its 2023 guidance of 57,000 vehicles produced as it pushes back its Georgia factory timeline to fund near-term ops.

Rivian revealed its cheaper R2 EV with 68,000 reservations in under 24 hours; also announced the R3 and R3X models.

Rivian stock dropped 4%+ Tuesday to near all-time lows around $11, down 65% year-over-year amid market conditions.