Rivian (RIVN) stock is down Tuesday after releasing Q4 and full-year 2023 results. Despite beating its 2023 production goal, Rivian’s deliveries fell short of Wall St’s expectations.
Rivian stock falls after Q4 deliveries miss expectations
Rivian produced 17,541 vehicles in Q4, delivering 13,972 vehicles in the last three months of 2023. Although deliveries were up nearly 74% from last year, they were short of Wall St’s expectations of over 14,000.
Despite this, the EV maker beat its full-year production goal. Rivian built 57,232 vehicles in 2023, beating its guidance of 54,000. Deliveries reached 50,122, more than double last year’s numbers (24,337).
Rivian raised its 2023 production guidance by 2K in November following Q3 results. The EV maker has outpaced its peers as it continues ramping production at its Normal, IL facility.
Q4 deliveries: 13,972
Q4 production: 17,541
2023 deliveries: 50,122
2023 production: 57,232
The growth comes despite higher interest rates and more competition. Ford said its F-150 Lightning was the best selling electric truck through November, topping the R1T.
After ending its exclusivity agreement with Amazon, Rivian signed AT&T as its second commercial partner last month. The EV maker is also preparing to begin construction on its second manufacturing facility.
The massive $5 billion EV plant in Bryan County, GA will be home to its R2 lineup. Rivian’s R2 will be cheaper with starting prices around $40,000 to $50,000 as it expands the brand. Rivian is expected to hold a ground breaking ceromony in early 2024.
Despite the progress, Rivian’s stock is down 7% in Tuesday’s pre-market trading as investors hoped for higher Q4 deliveries. Rivian shares are still up 17% over the last 12 months.
The news comes after Tesla broke another delivery record with over 484,500 deliveries in Q4 to beat its 1.8 million goal for 2023.
Electrek’s Take
Despite Q4 deliveries missing estimates, Rivian is still on the right track. The company is set to begin construction on its second manufacturing plant as it expands into new markets.
Rivian’s growth has come despite its vehicles costing $70,000 a piece. A cheaper lineup will help accelerate sales, but R2 is not expected to launch until 2026. Until then, Rivian will face more competition with the Tesla Cybertruck rolling out. New EV launches like the Chevy Silverado RST EV, GMC Sierra EV Denali, and Kia EV9 could put further pressure on deliveries.
The EV startup continues improving costs as it looks to achieve profitability. In Q3, Rivian lost around $30.5K per vehicle. Although this is still high, it’s down significantly from $139,277 in Q3 2022.
Investors will be watching Q4 and full year margins closely as Rivian looks to become profitable. Rivian will report Q4 financial results on Feb 21. Check back for more details.
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Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
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