Rivian (RIVN) hits a milestone after its 100,000th EV rolls off the production line
EV startup Rivian (RIVN) just hit a major milestone after announcing its 100,000th EV rolled off the production line on Wednesday.
Rivian builds its 100,000th EV
Rivian continues expanding the brand with its “Electric Adventure Vehicles,” including the all-electric R1T pickup and R1S SUV.
After Rivian’s R1T became the first electric pickup to hit the US market in September 2021, the EV maker just hit another milestone.
CEO RJ Scaringe announced Rivian built its 100,000th EV Wednesday, almost three and a half years after the first model rolled off the production line.
The R1S, Rivian’s electric family mover (with room for seven), joined the lineup, with the first customer deliveries kicking off in August 2022. Although Rivian delivered the first R1S models in December 2021, they were to Scaringe and CFO Claire McDonough.
Rivian is entering a new growth phase this year as the EV maker looks to continue expanding. The company is shutting down production at its Normal, IL plant to introduce new tech and manufacturing practices to cut costs.
Announced last November, the upgrades will meaningfully reduce material costs later this year. By the end of 2024, Rivian expects a “modest growth profit.”
Due to the shutdown, Rivian expects deliveries to remain flat this year at around 57,000. Rivian announced it remains on track to hit its goal after producing 13,980 EVs in Q1. The company topped delivery expectations with 13,588 vehicles handed over through the first three months of 2024.
Rivian expected deliveries to fall about 10% to 15% from Q4, but they were only down 3%. With around a $43,372 loss on every vehicle built in Q4, Rivian looks to improve its profitability.
| 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 |
While this is still a big loss, it’s down drastically from the $124,162 loss per vehicle in Q4 2022. Rivian ended the fourth quarter with over $9 billion in cash, enough to fund it through the launch of its next-gen R2.
The EV maker revealed its smaller, more affordable R2 last month. With prices starting around $45,000, Rivian looks to attract new markets. It also shocked the crowd with an even more compact and lower-cost R3 and R3X models.
Scaringe revealed the R2 racked up over 68,000 reservations in under 24 hours as demand for affordable EVs builds.
Despite the progress, Rivian’s stock is near all-time low prices as startups face higher interest rates. Rivian shares are down over 30% over the past 12 months as the EV maker looks to expand the brand.
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Vammo, a battery-swapping service for electric motorcycles in Latin America, has just announced that the company has surpassed an impressive 1 million battery swaps in a little over a year.
The company has built its service around a combination of VMoto electric motorcycles and a battery-swapping service designed to keep those motorcycles rolling all day without stopping to charge.
Headquartered in São Paulo, Brazil, Vammo’s electric motorcycles and battery swap cabinets currently serve around 1,800 customers, with that number growing quickly. The service was launched just over a year ago and has already saved its customers a combined US $1.3 million in fuel costs. That’s on top of preventing the release of 3,050 tons of CO2 emissions.
Vammo’s subscription model saves users as much as 50% compared to gasoline-powered motorcycles, translating into annual savings of thousands of dollars. “Not only are we helping to cut carbon emissions by 85%, but we’re also putting significant savings back into the pockets of our customers,” said Jack Sarvary, Vammo’s co-founder and CEO. “Many of our users, especially delivery drivers, are saving as much as $2,000–$4,000 per year, making electric mobility both affordable and sustainable.”
That success has led to rapid growth for the company. Last year alone, Vammo saw 8x growth in both revenue and customer base.
“Our growth demonstrates the power of affordable, clean transportation,” said Billy Blaustein, Vammo’s COO. “We are proving that sustainable mobility can be both accessible and scalable.”
Vammo’s VMoto models have now become the #1 registered electric motorcycle brand in Brazil, likely making the company the top player in Latin America.
Battery swapping for electric motorcycles has gained significant interest in the last few years, especially as Gogoro has expanded its world-leading model for swappable electric scooter batteries. But unlike Gogoro, which built a swappable battery standard and then began persuading other companies to adopt it, Vammo built its service around existing electric motorcycles and their already operational battery designs.
Vammo began operations in São Paulo and has positioned its service as a solution not only for Brazil but also for broader Latin America.
Brazil is uniquely suited for electric motorcycles and battery swapping, as the country not only sells 4x the amount of motorcycles per year as the US, but has some of the cleanest electricity in the world. Over 90% of the country’s electricity is generated by clean sources, primarily hydroelectric power, with wind and solar also contributing to the mix. Compare that to the global average of just 13%.
Vammo is building on its momentum, recently announcing a partnership with app-based taxi provider 99, offering mototaxi drivers access to its electric motorcycles.
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