Ford EV Rival Rivian Meets Lowered 2024 Production Target

While Ford has faced softened EV demand across the globe – along with other automakers, in general – consumers continue to buy all-electric vehicles in increasingly large quantities, regardless. Rivian is one such company that has been forced to adjust its production plans amid changing consumer preferences, and in fact, it lowered its 2024 production goal for that very reason. Regardless, Rivian did manage to hit its revised goal last year, it seems.

According to CNBC, Rivian hit both its production and delivery goals for 2024, in fact – the company build a total of 49,476 vehicles last year, a bit more than its target of 47,000-49,000 units, but fewer than its original goal of 57,000 vehicles. Rivian built 12,727 trucks and vans during Q4 and managed to deliver 51,579 vehicles throughout the entire year, with 14,183 of those deliveries taking place in the fourth quarter. Rivian decided to lower its production target this past October because of a “disruption due to a shortage of a shared component” for the R1T pickup, R1S SUV, and commercial delivery van. However, the company has now stated that this shortage “is no longer a constraint on Rivian’s production.”

Meanwhile, Rivian continues to make moves designed to help it ramp up EV production moving forward. In November, the company signed a deal with LG Energy Solutions that will result in the automaker receiving 67 GWh of 4695 cylindrical batteries over the next five years. These next-generation batteries are touted as offering up both long range and plenty of safety, with six times the capacity of existing 2170 cylindrical batteries thanks to their higher energy density.

Additionally, Rivian and Volkswagen recently launched a joint venture that will create next generation EV platforms, which will then be used in future electric vehicles from both brands. In the short term, Volkswagen will utilize Rivian’s existing electrical architecture and software platform in its own future EVs, and will also make a $5 billion dollar investment in that company as well.