The company also delivered 8,054 units in the period, a 22% rise from Q3 and 786% YoY. While the figures are impressive, Rivian fell short of its annual production target of 25,000 BEVs.
For the full year 2022, the company produced 24,337 EVs and delivered 20,332 to customers. In terms of year-to-date (YTD) results, production rose from 1,015 in 2021 to 24,337 in 2022, while deliveries increased from 920 to 20,332.
Rivian's total production since Q3 2021 has exceeded 25,000 units, with over 21,000 delivered, primarily to the US market (deliveries in Canada began in November). It is worth noting that deliveries have lagged slightly behind production, with a difference of around 4,000 units at the end of the year.
Looking ahead, the company's Q4 production rate suggests that it has the capacity to produce over 40,000 units annually, with the potential for a target beyond 50,000 BEVs in 2023. As of November 7, 2022, the number of pre-orders for the R1T and R1S in the US and Canada stood at 114,000, in addition to a fleet of 100,000 vans for Amazon (including 10,000 originally expected in 2022).
Source: InsideEVs