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.
Rivian R1S (Source: Rivian)
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.
Rivian stock chart over the past 12 months (Source: TradingView)
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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Lectric Ebikes appears to be preparing for a major new product launch, teasing what looks like the next evolution of its wildly popular folding fat tire electric bike. Based on the clues, it looks like a new Lectric XP 4 could be inbound.
In a social media post released over the weekend, the company shared a minimalist graphic reading “XP4” along with the message “Tune in 5.6.2025 9:30AM PT.” That date – this Tuesday – suggests we’re just hours away from the big reveal of the Lectric XP 4.
If true, this would mark the next generation of the most successful electric bike in the U.S. market. The current model, the Lectric XP 3.0, has become an icon of accessible, budget-friendly electric mobility. Starting at just $999, the XP 3.0 offers a foldable frame, fat tires, a 500W motor, a rear rack, lights, and hydraulic brakes – all packed into a highly shippable design that arrives fully assembled. It’s the kind of package that has helped Lectric claim the title of best-selling e-bike brand in the U.S. for several years in a row.
With the XP 3.0 still going strong, the teaser raises plenty of questions. Will the XP 4.0 be a modest update or a major leap forward? Could we see new features like torque-sensing pedal assist, a location tracking option, or upgraded performance? Or is Lectric preparing a more comfort-oriented variant, maybe even with upgraded suspension or even more accessories included standard?
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The teaser image, which features stylized stripes in grey, blue, and black, may hold some clues. One theory is that the colors represent new trim options or component upgrades. Another possibility is that Lectric is preparing multiple variants of the XP 4.0 – perhaps targeting commuters, adventurers, and off-road riders with purpose-built versions. We took the liberty of a bit of rampant speculation late last year, so perhaps that’s now worth a revisit.
At the same time though, Lectric’s penchant for launching new models at unbelievably affordable prices has never run up against such strong pricing headwinds as those posed by uncertainty in the current US-global trade war fueled by rapidly changing tariffs for imported goods.
Previous versions of the Lectric XP e-bike line have seen sky-high sales
Whatever the case, Lectric’s knack for surprising the industry with high-value, customer-focused e-bikes means expectations will be high. The brand has built a loyal following by delivering reliable performance at a price point that few can match, and any major update to the XP lineup is likely to ripple across the market.
As a young and energetic e-bike company, Lectric is also known for throwing impressive parties around the launch of new models. It looks like I may need to hop on a red-eye to Phoenix so I can see for myself – and so I can bring you all along, of course.
Be sure to tune in Tuesday at 9:30AM PT to see what Lectric has in store – and you can bet we’ll have all the details and first impressions as soon as they drop.
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Logo of the Organization of the Petroleum Exporting Countries (OPEC)
Andrey Rudakov | Bloomberg | Getty Images
U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.
U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.
The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.
The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.
Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.
Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.
“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.
Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.
Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.