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Rivian Adventure Network Opening to Other EVs, Company Shares Q4 2023 Results

An announcement came in the Rivian Q4 2023 Shareholder Letter, outlining plans to expand access to the Rivian Adventure Network. Rivian’s move aims to provide other EV owners with access to Rivian’s reliable charging solution. Its DC fast chargers had an average uptime of 97% in Q4 2023.

The move will also leverage fixed costs associated with each charging site and access government grants for expanding domestically manufactured fast chargers across the United States. The Rivian Adventure Network now has more than 400 fast chargers across 67 locations.

This is welcome news for the American EV revolution in general and for the EV charging barriers that have slowed adoption. Adoption continues to plow forward in the U.S. despite all barriers. According to Argonne National Laboratory, U.S. sales of hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles in February 2024 showed a substantial increase, up 11.4% from February 2023.

(Image: Rivian)

Compatibility Is an Ongoing Problem for EV Adoption

Compatibility has been an unwelcome problem for American EV adoption from the beginning. Tesla built its extensive Supercharger network, which has a high rate of reliability, using its North American Charging Standard (NACS) technology. Almost all other companies use Combined Charging System (CCS) EV charging technology. All CCS is now converting to NACS as the new connector standard.

Adapter use remains an issue, however. Tesla opened its Supercharger network to other vehicles, but some headaches have arisen in the process. One is that Ford vehicles typically must take up two parking spaces to charge.

Tesla opening up its Superchargers and Rivian opening up its Adventure Network to other EVs would be a positive and welcome move toward the goal of any EV’s ability to charge at any charger, reducing the compatibility barrier. Reducing or eliminating the compatibility barrier will certainly advance American EV adoption.

(Image: Rivian)

Rivian Shared More Positive Outlooks

The company also announced these highlights in its Q4 2023 Rivian Shareholder Letter:

  • Rivian launched the lease program on its R1.
  • The company more than doubled its production and deliveries for 2023 and exceeded their initial production guidance by more than 7,000 units.
  • Rivan was the top-selling electric vehicle for over $70K in the United States in 2023.
  • Rivian launched its Standard-Range R1 electric truck variants in early 2024, with prices starting at $69,900.
  • Rivian revenue enjoyed a 167% increase in 2023 as compared to 2022.
  • Rivian made about $81k gross profit per vehicle improvement in Q4 2023, compared to Q4 2022.

Rivian Rebounds From Cash Flow Issues

Recently, investors were concerned about decreased sales and cash reserves at Rivian. Rivian stock prices fell in February but rebounded in March with the release of the R2 and R3.

Rivian said it would shift production of the R2 to the company’s plant in Normal, Illinois, saving $2.25 billion. Rivian will pause construction on its Georgia plant, saying it would resume later.

At the end of February 2024, Rivian said it was laying off 10% of its workforce, causing recent concern about the company’s future profitability.

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