Rivian, the electric vehicle manufacturer, had a successful year in 2024 with sales figures showing a positive trend compared to the previous year. The company announced that it sold 51,579 units in 2024, a slight increase from the 50,122 units sold in 2023. This growth is a positive sign for the EV market, which some critics have suggested may be slowing down.
Despite the overall increase in sales, Rivian did face challenges throughout the year. The brand had to adjust its sales and production targets downward in October due to a supplier miscommunication. This miscommunication with Essex Furukawa, a component supplier, led to a shortage of components needed for Rivian’s Enduro motors, affecting production numbers. As a result, Rivian had to reduce its production goals from 57,000 units to a maximum of 49,000 units. However, the company has stated that the component shortage is no longer affecting its production capabilities.
In terms of profitability, Rivian had previously stated that it expected to see a “modest profit” by the end of the year. The official profitability numbers are yet to be released, but the company appears to have met expectations based on its sales performance.
The EV market continues to show a preference for larger electric vehicles, with models like the Kia EV9 outselling smaller and cheaper options like the EV6. There is also a growing demand for three-row EV crossovers, indicating that buyers are willing to invest in larger, more spacious electric vehicles.
Overall, Rivian’s sales performance in 2024 is a positive indication of the company’s growth and success in the EV market. With the component shortage issue resolved and sales trending upward, Rivian is poised to continue making strides in the electric vehicle industry.