Rivian’s (RIVN) deliveries remain flat in Q1 as EV maker prepares for plant shutdown
EV maker Rivian’s (RIVN) Q1 EV deliveries were about flat from the fourth quarter as preparations began at its Normal, IL plant to cut costs. Despite deliveries falling slightly from Q4, Rivian beat Wall Street’s expectations and confirmed full-year production guidance.
Rivian’s Q1 2024 EV deliveries and production results
Rivian announced first-quarter 2024 production and delivery numbers Tuesday as the EV startup prepares to cut costs at its manufacturing plant.
The company produced 13,980 EVs, down from 17,541 in Q4. Rivian delivered 13,588 vehicles during the quarter, down slightly from the 13,972 handed over last quarter.
Although production fell QoQ, Rivian still beat Wall St expectations of around 13,800 and its prior guidance of 13,500. The EV maker also beat delivery estimates for the quarter.
Rivian announced plans to shut down both consumer and commercial lines during Q2 at its Normal EV plant to introduce new tech and manufacturing practices to cut costs. The company lost around $43,372 for every vehicle it built in Q4.
Although $43K is still a significant loss, it’s down from the +$124K loss per vehicle in Q4 2022. Rivian, like many startups, is managing higher interest rates and inflation.
| Q3 ’22 | Q4 ’22 | Q1 ’23 | Q2 ’23 | Q3 ’23 | Q4 ’23 | |
| Rivian loss per vehicle | $139,277 | $124,162 | $67,329 | $32,594 | $30,500 | $43,372 |
As a result, Rivian announced it was cutting 10% of its salaried workforce in February. CEO RJ Scaringe said the move was to maximize the brand’s ability to make an impact and expand.
Rivian ended the quarter with $9.37 billion in cash and equivalents. The company revealed its smaller, more affordable R2 last month, which will start at around $45,000.
To accelerate its launch, Rivian is pushing back construction at its $5B facility in Georgia to launch production in Normal.
Rivian said the move will save $2.25B, enough to fund the company through the start of R2 production. The R2 will make its way overseas as Rivian expands into new markets.
Due to the plant shutdown, Rivian expects production to remain flat this year at around 57,000. The company reaffirmed its guidance Tuesday.
After releasing Q1 deliveries and production results, Rivian’s stock is down over 3% in pre-market trading. Rivian shares are trading just ahead of their all-time lows at around $11. That’s down over 65% from this time last year.
Rivian will release its first quarter financial results on May 7th, 2024 after the market close. Check back for more on the EV maker’s financial situation.
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Nuclear energy is set for a “renaissance” that will be accelerated by backing from U.S. President Donald Trump’s administration.
That’s according to Yuri Khodjamirian, chief information officer at Tema ETFs, who noted that the Trump administration is “very, very interested in backing this technology.’ However, he also warned investors that developing this energy source is “going to take time.”
New nuclear technology approvals take “10 years to get done,” Khodjamirian said, but added that the nuclear re-emergence will likely be accelerated under the new Trump administration.
Speaking to CNBC’s Silvia Amaro on Tuesday’s “Squawk Box Europe,” Khodjamirian said his investment fund has its eyes on firms with a history of developing nuclear technology, such as U.S.-based BWX Technologies, which builds nuclear reactors for military carriers and submarines.
Khodjamirian said Tema is being “very selective in a new technology called small scale modular reactors.”
Small scale modular reactors (SMRs) are advanced nuclear reactors with the ability to provide around one-third of the generating capacity of traditional nuclear power reactors, according to the International Atomic Energy Agency.
SMRs take up less physical space compared to conventional reactors and produce a large amount of low-carbon electricity.
“There’s a lot of excitement there, and equally, a lot of loss-making companies that have unproven technologies, and we’re going for companies that have projects that are approved,” Khodjamirian said.
The nuclear energy renaissance is partly driven by a wave of people that are “realizing that it’s a stable, clean source of energy,” the chief investment officer said, adding that he believes that “there is a need for extra investment” in nuclear, alongside green energy sources that are variable in their electricity production.
“Renewables are good. They can be put up to speed quickly, but they require battery storage,” he said.
Trump has moved quickly on his energy agenda since his return to the White House. The U.S. Senate on Monday confirmed Chris Wright, a fracking executive and a Trump ally, as energy secretary.
Wright is a known nuclear energy supporter, having previously served on the board of advanced reactor company Oklo, as well as having held the position of chief executive at Liberty Energy. The energy firm has since appointed a new CEO following Wright’s confirmation as U.S. secretary of energy.
Digital borders
Khodjamirian is also closely monitoring artificial intelligence volatility, after the emergence of China’s Open AI model DeepSeek sparked concerns over how much money big tech companies will invest in AI.
European nations have voiced security concerns over DeepSeek.
Italy was the first country to block DeepSeek on data protection concerns. France‘s privacy watchdog has expressed concerns and South Korea’s industry ministry has temporarily restricted employee access to the Chinese startup’s AI model.
Taiwan, meanwhile, banned state departments from using the Beijing-based chatbot, wary of potential security threats from Beijing.
The international pushback shows that “no one really knows exactly how to defend digital borders,” according to Khodjamirian.
Global concern will “limit the growth of this model, because it’s coming out of China, but it’s clearly showing you that the West needs to be aware that there’s a lot of technical development,” he said.
“[But] I do think it redraws some of the lines, and it’ll be interesting to see how the U.S. in particular reacts,” he added.
Environment
Here’s our first look at Volkswagen’s cheapest EV, with prices starting at about $20,000
We are finally getting a look at Volkswagen’s answer to BYD and other low-cost Chinese electric cars. Volkswagen previewed its cheapest EV for the first time on Wednesday. It will kick off a new series of entry-level electric vehicles, with starting prices at €20,000, or just over $20,000.
Volkswagen teases its cheapest EV for the first time
At a meeting at its Wolfsburg plant on Wednesday, Volkswagen gave employees a sneak peek at the new model. The auto giant confirmed it will be a part of a new small electric car lineup.
Volkswagen said the new entry-level EV, with a base price of €20,000 ($20,000), “will be attractive for a wide variety” of buyers.
The first model in the new series will be the production version of the ID.2all, which was unveiled in March 2022. Volkswagen said the first ID.2 models will arrive at dealerships in 2026 with a base price of less than €25,000 ($26,000).
CEO Thomas Shafer said at the meeting, “With the conclusion of negotiations in December, we set the largest future plan in Volkswagen’s history in motion.”
The ID.2 and new entry-level EV (likely the ID.1) will be key to Volkswagen’s plans to catch up with EV leaders like BYD and Tesla.
Based on the MEB Entry Platform, the ID.2 is expected to have a range of up to 279 miles (450 km). Volkswagen also teased an SUV version, which will follow in its upcoming entry-level EV lineup.
Volkswagen will introduce the show car for its new entry-level EV. The company plans to reveal the production model in 2027.
Volkswagen is preparing its Wolfsburg plant for the upcoming entry-level models. Shafer stressed that the plant would “remain the heart of the Volkswagen brand in the electric age.” It will also produce the next-gen electric Golf on Volkswagen’s new SSP platform alongside the new T-Roc EV.
For those in the US, don’t get too excited. The new entry-level EV likely won’t make the trip overseas. Shafer described the model as ” an affordable, high-quality, and profitable electric Volkswagen from Europe for Europe.”
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Mercedes-Benz had a rough EV sales year in 2024 in the US, so it’s hitting the reset button this year. To lure buyers back in, the automaker is already rolling out sweet discounts on its 2025 EVs.
Sales of the EQB (36%), EQE (39%), and EQS (52%) decreased by sizeable margins in 2024, so Mercedes is taking action. Online vehicle research firm CarsDirect reports that Mercedes sent a bulletin to dealerships on February 3 outlining discounts on its 2025 EVs.
Some of the automaker’s largest discounts are on its most expensive EV models, such as the EQS AMG sedan, AMG EQE sedan, and AMG EQE SUV, so if you’re in the market for one of these models, now’s your chance.
The AMG EQS Sedan is available with a discount of $15,000. With the AMG EQS Sedan starting at $148,700, the $15,000 discount amounts to a 10% reduction in the EV’s price tag.
The AMG EQE Sedan is available at a $10,000 discount, and the AMG EQE SUV can be had with an $8,000 discount.
Mercedes is also offering the Maybach EQS 680 SUV – the automaker’s flagship EV – with a discount of $10,500. The Maybach EQS 680 SUV’s MSRP starts at $179,900, so the discount knocks around 6% off the SUV’s price tag. The EQS 580 SUV is also reduced by $10,500, which results in 8% off its price tag.
Mercedes-Benz is also slashing $13,500 off the EQS 450 Sedan and EQS 580 Sedan. The EQS 450 Sedan starts at $108,550 (12% discount), and the EQS 580 Sedan MSRP is $128,500 (11% discount).
CarsDirect says the discounts are offered as the Mercedes Incentive Bonus and are unadvertised dealer cash incentives on select models. These aren’t the only 2025 Mercedes EVs that have discounts, so ask the dealer about other models, but these are the largest discounts CarsDirect found.
Read more: Amazon places its largest-ever order for electric semi trucks
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