Rivian Releases Q1 Production Figures and Sets Date for First Quarter 2023 Results

Rhea-AI Summary

Rivian Automotive (NASDAQ: RIVN) announced its first quarter 2023 production results, producing 9,395 vehicles and delivering 7,946 vehicles from its Normal, Illinois facility. The figures align with the company's expectations, indicating it is on track to meet its annual production guidance of 50,000 vehicles. The company plans to release its Q1 2023 financial results on May 9 and will host a live webcast at 5:00 p.m. ET to discuss performance and outlook.

Positive

• Produced 9,395 vehicles in Q1 2023.
• Delivered 7,946 vehicles during the same period.
• On track to meet 50,000 annual production guidance.

Negative

• None.

IRVINE, Calif.--(BUSINESS WIRE)-- Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter ending March 31, 2023. The company produced 9,395 vehicles at its manufacturing facility in Normal, Illinois and delivered 7,946 vehicles during the same period.

These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided.

The company also announced that on May 9th, after market close, it will release its first quarter 2023 financial results.

Rivian will host an audio webcast at 5:00 p.m. ET the same day to discuss the performance and outlook for the business. The live webcast will be available at https://edge.media-server.com/mmc/p/d7pqcpn9, and a replay will be available for four weeks at www.rivian.com/investors following the webcast.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our production ramp-up and anticipated production levels. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

About Rivian:

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at www.rivian.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005558/en/

Investors: ir@rivian.com

Media: Harry Porter, media@rivian.com

Source: Rivian Automotive, Inc.

FAQ

What were Rivian's vehicle production numbers for Q1 2023?

Rivian produced 9,395 vehicles and delivered 7,946 vehicles in the first quarter of 2023.

When will Rivian release its Q1 2023 financial results?

Rivian will release its Q1 2023 financial results on May 9, 2023.

What is Rivian's annual production guidance for 2023?

Rivian is aiming for an annual production guidance of 50,000 vehicles for 2023.

What time is Rivian's webcast for discussing Q1 results?

Rivian's webcast for discussing Q1 results will be at 5:00 p.m. ET on May 9, 2023.