Rivian CEO RJ Scaringe Cheers Hitting 6-Figure Production Mark Even As Stock Languishes

Rivian Automotive (NASDAQ:RIVN) CEO RJ Scaringe on Wednesday said that the company has reached the significant milestone of producing its 100,000th vehicle.

What Happened: The CEO posted the picture of the vehicle, a white R1S SUV, on X with the caption, “Our 100,000th Rivian.”

R1S is among the first production vehicles from Rivian. The vehicle starts at $74,900, about $5000 higher than its pickup truck counterpart R1T.

For the first quarter of 2024, Rivian delivered 13,588 vehicles as compared to the 7,946 cars delivered in the corresponding quarter of 2023, and produced 13,980 vehicles.

For 2024, the company intends to make 57,000 vehicles.

Why It Matters: Despite the rise in sales, Rivian is yet to break even. The company continues to incur losses on every vehicle made and expects to touch positive gross profit by the fourth quarter of 2024.

Rivian unveiled its second-generation EV last month. The newly unveiled R2 SUV is a smaller and more compact version of the R1S, with a starting price of around $45,000 to compete with Tesla’s Model Y, which now starts at $44,990.

Rivian hopes to start production of the R2 in the first half of 2026.

Price Action: Rivian shares closed up 0.3% on Wednesday at $10.54. The stock is down over 50% year-to-date, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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