The growth of Rivian electric vehicles has been nothing short of impressive. Founded in 2009, this American automaker has quickly become a leader in the electric vehicle market, attracting attention from investors and customers alike. With a line of sleek and innovative SUVs and trucks, Rivian is making waves in the industry by offering vehicles with impressive range and off-road capabilities.
Rivian fourth-quarter results state production levels were up 899% YoY with 10,020 vehicles, and deliveries increased 786% with 8,054 vehicles.
Another electric vehicle company making strides in the industry is Lucid Motors. Founded in 2007, the California-based automaker has been developing its luxury electric sedan, the Lucid Air, for years. With a range of over 500 miles on a single charge, the Lucid Air is set to compete with Tesla's Model S.Lucidproduced 7,180 vehicles in 2022, and delivered 4,369, at its manufacturing facility in Arizona. The company reported fourth-quarter revenue of $257.7 million and annual revenue of $608.2 million. Lucid recently stated that their 2023 annual production goals are between 10,000 and 14,000 vehicles for the year.
Looking at a six-month sales trend for both Rivian and Lucid across the three top-selling EV states (California, Florida, and Texas), we can see that Lucid is slowly declining into 2023 while Rivian achieved a huge leap in March.
With plans to expand its production facilities and partner with major companies like Amazon, Rivian is poised for even more growth in the years to come. Lucid still has a lot of ground to cover in order to catch up with other EV newcomers, and we'll be watching throughout this year.