Rivian (RIVN) beats other electric vehicle startups in filings

Electric vehicle sales continue to break records as automakers ramp up production. Compared to other EV startups like Lucid (LCID) and VinFast (VFS), Rivian (RIVN) is outperforming the pack as registrations continue to rise.

Rivian electric vehicle registrations rise during July

Rivian was eighth in terms of U.S. registrations from January through July, with 2.8% of the total EV market, according to recent Experian data (via Car News).

The electric vehicle manufacturer recorded 2,750 registrations in July for its R1T and R1S electric SUVs, a slight improvement from its monthly average of 2,596 during the first half of the year.

From January to July, new registrations for Rivian reached 18,359 (not including EDVs). Rivian’s R1T electric truck has 7,611 of those registrations, while the R1S has 10,748. The company is moving to produce more R1S models to meet the growing backlog. R1S models represent 70% of R1 Series model units built in the second quarter.

After shattering Q2 estimates with production up 50% from Q1 (13,992 units), Rivian raised its guidance for the year to 52,000. According to CEO RJ Scaringe, ramping up its in-house Eduro drive modules is a “key enabler” of production performance on Near term.

Speaking at Morgan Stanley’s 11th annual Laguna conference on Thursday, Scaringe said the company has “turned the corner.”

As the electric car maker uses regular and lean production facilities more efficiently, Rivian’s margins improve. Gross profit per vehicle delivered improved by $35,000 last quarter.

Despite the lead, the Ford F-150 Lightning beat out the R1T with 11,883 registrations through July. Ford cut prices in July by up to $10,000, which the automaker says helps boost demand.

Ford’s lowest-priced F-150 Lightning Pro model now starts at $51,990 (with shipping) with an EPA range of 240 miles. Meanwhile, the Rivian R1T starts at $74,800 (including shipping) with an estimated range of 270 miles.

Outperforming other startups

Despite strong growth in electric vehicle sales in the United States, many startups like Lucid, VinFast, and Fisker are struggling to find their markets.

Lucid received 348 registrations for its luxury Air EV in July, bringing its annual total to 3,789 registrations through July. The luxury electric car maker cut prices by up to $12,400 last month, with the 2023 Air electric sedan starting at $82,400.

Production declined after peaking in the last quarter of 2022, with 4,487 electric cars manufactured during the first half of the year. Lucid fell behind Porsche, Cadillac and Subaru in July’s electric vehicle rankings, landing in 18th place.

Porsche’s only electric vehicle, the Taycan, registered 3,935 registrations from January to July, surpassing the Lucid Air.

Analysts point to Lucid’s competition with Tesla, which has cut prices all year, as a reason for the conflicts. Tesla’s Model S now starts at $74,990 with an estimated range of 405 miles.

Meanwhile, Vietnamese newcomer VinFast had 19 new registrations for its VF 8 electric SUV in July, bringing its seven-month total to 170.

VinFast debuted on the Nasdaq last month, where its value quickly surpassed that of Ford and GM. However, the value of the electric vehicle manufacturer has declined significantly over the past month, with share prices down more than 80% from their peak.

After delivering its first electric vehicle in the US in June, Fisker’s Ocean set 30 new registrations in July, bringing the total to 37 for the year. Due to its recent launch, Fisker ranked last among 26 brands in July.

With Rivian outpacing the pack, Wedbush analyst Dan Ives said he sees the company “one of the key players in electric vehicles over the next decade” last month. He added that “demand appears strong” and “vision is improving until 2024.”