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EV Roundup: Q3 Deliveries of TSLA, RIVN and LCID Draw Attention
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Electric vehicle (EV) pioneer Tesla (TSLA - Free Report) reported a year-over-year increase in its third-quarter deliveries. EV startup Lucid Group (LCID - Free Report) posted record delivery numbers for the third quarter of 2024, while its peer Rivian (RIVN - Free Report) upset investors with weak deliveries and a bleak 2024 production forecast. One of the leading EV charging companies, EVgo (EVGO - Free Report) , has obtained a $1.05 billion conditional loan guarantee from the U.S. Department of Energy (DOE) to expand its charging network. Japan’s auto giant Toyota (TM - Free Report) also made it to the top stories as it pushed back its EV production plans in America.
Past Week’s Top Stories
Tesla released its vehicle production and delivery numbers for the third quarter. The electric vehicle (EV) giant delivered 462,890 cars (439,975 Model 3/Y and 22,915 other models) worldwide in the third quarter, marginally missing Wall Street’s expectations of 463,000 vehicles. Despite falling short of expectations, deliveries rose on a year-over-year basis for the first time this year. Third-quarter deliveries also rose 4.3% sequentially. Our model estimated deliveries to be 471,559 units. The company produced 469,796 vehicles (443,668 Model 3/Y and 26,128 Model S/X) in the three months ended September.
Earlier in 2024, Tesla cautioned that it may experience slower growth until more affordable models begin production in the first half of 2025. With deliveries down more than 2% in the first three quarters, the company will need a strong close to the year to achieve any growth in 2024.
While vehicle sales have improved both annually and sequentially, Tesla’s energy business faced a decline. The company deployed 6.9 gigawatt hours of energy storage products in the third quarter, marking a drop of more than 25% sequentially. Still, Tesla has already exceeded its total energy storage deployments so far this year than in all of 2023.
Rivian announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance. It produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023. Deliveries totaled 10,018 vehicles, down from 15,564 units in the same period last year.
The company faces production issues due to a component shortage on the R1 and RCV platforms. The supply shortage, which started in the third quarter, has worsened in recent weeks. As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units. However, it maintains its annual delivery estimate in the range of 50,500-52,000 vehicles.
The EV maker has applied for a federal loan to help fund the construction of an EV factory in Georgia, per a filing with the U.S. Department of Energy. The factory is expected to begin partial operations in the third quarter of 2027, with full operation of its first production capacity block expected by 2028.
Lucid set a new record for vehicle deliveries in the third quarter of 2024. It delivered 2,781 vehicles in the September quarter, marking the third consecutive quarter of record deliveries. This brings LCID’s total deliveries so far this year to 7,142, surpassing the 6,001 units delivered in 2023. Hefty discounts are making the vehicles more affordable and driving Lucid’s deliveries. For instance, LCID is offering up to $17,500 in savings on the 2024 Air Grand Touring and making Air Pure more accessible with leases under $550 per month.
The company has also set ambitious plans to diversify its lineup. Beyond the luxury Air sedan, Lucid plans to roll out its new Gravity SUV late this year. The SUV will have access to Tesla’s NACS charging connector, with more than 15,000 Superchargers available to Lucid owners.
Lucid also plans to introduce a mid-size electric crossover by 2026, with a starting price under $50,000, making it a direct competitor to Tesla’s Model Y. This lower-priced vehicle will be the first of three new models expected to be launched in the coming years. Lucid’s competitive advantage will be its next-generation powertrain, the Atlas unit, which the company claims will offer the same range as competitors while using a smaller, more efficient battery.
Toyota has decided to push back the production of EVs in North America, delaying its plans by several months to the first half of 2026. Originally, the company intended to start assembling a three-row electric sport utility vehicle (SUV) at its Kentucky plant in 2025, with an investment of $1.3 billion in the facility. Toyota has informed its suppliers of the revised schedule, marking the first known delay by a Japanese automaker in the region.
The company attributed the delay to "production preparation issues," signaling challenges in aligning its EV strategy with fluctuating market demands. The postponement also stems from changes to the design of its upcoming electric SUV. While Toyota remains committed to its goal of producing 1.5 million EVs globally by 2026, recent adjustments suggest the target could be reduced to around 1 million EVs, according to industry watchers.
The automaker also aims to launch 10 new EV models worldwide by 2026. The SUV expected to be produced at the Kentucky plant is one of Toyota’s next-generation electric vehicles, equipped with an updated chassis. Another EV model under review for production in North America is a Lexus crossover, which, rather than being built locally, will now be exported from Japan.
EVgo received a conditional loan guarantee commitment of up to $1.05 billion from the U.S. DOE to expand its fast-charging network. This financing will support the installation of around 7,500 additional fast-charging stalls across key states by 2030, with over 40% of the new stalls located in marginalized communities as part of the Biden administration's Justice40 initiative.
The expansion focuses on providing public EV charging, especially in community locations like multifamily housing. EVgo’s plan aligns with the National Electric Vehicle Infrastructure program, aiming to boost EV accessibility and support the administration’s goal of creating a nationwide EV charging network. The project is expected to create over 1,000 jobs and will leverage the 30C tax credit from the Inflation Reduction Act to drive investment into rural and lower-income areas.
While the DOE's conditional commitment marks significant progress, EVgo must meet several technical, legal, environmental, and financial requirements before finalizing the loan. If successful, the project will play a key role in accelerating EV adoption and enhancing charging infrastructure across the country.
What’s Next in the Space?
Tesla’s much-hyped Robotaxi event will be held today at 8 PM EST at Warner Brothers Discovery studio in California. It’s to be seen whether it lives up to the hype. Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.
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EV Roundup: Q3 Deliveries of TSLA, RIVN and LCID Draw Attention
Electric vehicle (EV) pioneer Tesla (TSLA - Free Report) reported a year-over-year increase in its third-quarter deliveries. EV startup Lucid Group (LCID - Free Report) posted record delivery numbers for the third quarter of 2024, while its peer Rivian (RIVN - Free Report) upset investors with weak deliveries and a bleak 2024 production forecast. One of the leading EV charging companies, EVgo (EVGO - Free Report) , has obtained a $1.05 billion conditional loan guarantee from the U.S. Department of Energy (DOE) to expand its charging network. Japan’s auto giant Toyota (TM - Free Report) also made it to the top stories as it pushed back its EV production plans in America.
Past Week’s Top Stories
Tesla released its vehicle production and delivery numbers for the third quarter. The electric vehicle (EV) giant delivered 462,890 cars (439,975 Model 3/Y and 22,915 other models) worldwide in the third quarter, marginally missing Wall Street’s expectations of 463,000 vehicles. Despite falling short of expectations, deliveries rose on a year-over-year basis for the first time this year. Third-quarter deliveries also rose 4.3% sequentially. Our model estimated deliveries to be 471,559 units. The company produced 469,796 vehicles (443,668 Model 3/Y and 26,128 Model S/X) in the three months ended September.
Earlier in 2024, Tesla cautioned that it may experience slower growth until more affordable models begin production in the first half of 2025. With deliveries down more than 2% in the first three quarters, the company will need a strong close to the year to achieve any growth in 2024.
While vehicle sales have improved both annually and sequentially, Tesla’s energy business faced a decline. The company deployed 6.9 gigawatt hours of energy storage products in the third quarter, marking a drop of more than 25% sequentially. Still, Tesla has already exceeded its total energy storage deployments so far this year than in all of 2023.
Rivian announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance. It produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023. Deliveries totaled 10,018 vehicles, down from 15,564 units in the same period last year.
The company faces production issues due to a component shortage on the R1 and RCV platforms. The supply shortage, which started in the third quarter, has worsened in recent weeks. As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units. However, it maintains its annual delivery estimate in the range of 50,500-52,000 vehicles.
The EV maker has applied for a federal loan to help fund the construction of an EV factory in Georgia, per a filing with the U.S. Department of Energy. The factory is expected to begin partial operations in the third quarter of 2027, with full operation of its first production capacity block expected by 2028.
Lucid set a new record for vehicle deliveries in the third quarter of 2024. It delivered 2,781 vehicles in the September quarter, marking the third consecutive quarter of record deliveries. This brings LCID’s total deliveries so far this year to 7,142, surpassing the 6,001 units delivered in 2023. Hefty discounts are making the vehicles more affordable and driving Lucid’s deliveries. For instance, LCID is offering up to $17,500 in savings on the 2024 Air Grand Touring and making Air Pure more accessible with leases under $550 per month.
The company has also set ambitious plans to diversify its lineup. Beyond the luxury Air sedan, Lucid plans to roll out its new Gravity SUV late this year. The SUV will have access to Tesla’s NACS charging connector, with more than 15,000 Superchargers available to Lucid owners.
Lucid also plans to introduce a mid-size electric crossover by 2026, with a starting price under $50,000, making it a direct competitor to Tesla’s Model Y. This lower-priced vehicle will be the first of three new models expected to be launched in the coming years. Lucid’s competitive advantage will be its next-generation powertrain, the Atlas unit, which the company claims will offer the same range as competitors while using a smaller, more efficient battery.
Toyota has decided to push back the production of EVs in North America, delaying its plans by several months to the first half of 2026. Originally, the company intended to start assembling a three-row electric sport utility vehicle (SUV) at its Kentucky plant in 2025, with an investment of $1.3 billion in the facility. Toyota has informed its suppliers of the revised schedule, marking the first known delay by a Japanese automaker in the region.
The company attributed the delay to "production preparation issues," signaling challenges in aligning its EV strategy with fluctuating market demands. The postponement also stems from changes to the design of its upcoming electric SUV. While Toyota remains committed to its goal of producing 1.5 million EVs globally by 2026, recent adjustments suggest the target could be reduced to around 1 million EVs, according to industry watchers.
The automaker also aims to launch 10 new EV models worldwide by 2026. The SUV expected to be produced at the Kentucky plant is one of Toyota’s next-generation electric vehicles, equipped with an updated chassis. Another EV model under review for production in North America is a Lexus crossover, which, rather than being built locally, will now be exported from Japan.
EVgo received a conditional loan guarantee commitment of up to $1.05 billion from the U.S. DOE to expand its fast-charging network. This financing will support the installation of around 7,500 additional fast-charging stalls across key states by 2030, with over 40% of the new stalls located in marginalized communities as part of the Biden administration's Justice40 initiative.
The expansion focuses on providing public EV charging, especially in community locations like multifamily housing. EVgo’s plan aligns with the National Electric Vehicle Infrastructure program, aiming to boost EV accessibility and support the administration’s goal of creating a nationwide EV charging network. The project is expected to create over 1,000 jobs and will leverage the 30C tax credit from the Inflation Reduction Act to drive investment into rural and lower-income areas.
While the DOE's conditional commitment marks significant progress, EVgo must meet several technical, legal, environmental, and financial requirements before finalizing the loan. If successful, the project will play a key role in accelerating EV adoption and enhancing charging infrastructure across the country.
What’s Next in the Space?
Tesla’s much-hyped Robotaxi event will be held today at 8 PM EST at Warner Brothers Discovery studio in California. It’s to be seen whether it lives up to the hype. Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.