Rivian released its third-quarter production and delivery numbers on Monday, and while the electric pickup maker is still far behind Tesla, the company has beaten analyst delivery estimates for all three quarters this year.
In Q3, Rivian delivered 15,564 vehicles and produced 16,304, according to the company’s website in an announcement on Monday. The delivery total marks a 136 percent jump year over year and a 23 percent increase from Q2, and it beat FactSet analyst delivery estimates of 14,000, which dropped from 15,000 last month. The totals include the company’s R1T pickup and R1S SUV, the two passenger vehicles the Amazon-backed electric vehicle (EV) startup currently offers.
The figures also represent gradual production and delivery growth from Rivian’s Q1 and Q2 numbers, in which the automaker delivered 7,946 and 12,460 vehicles, respectively. Rivian said on Monday that the figures keep the company on track to reach its annual production target of 52,000 units, with a total of 39,691 vehicles produced so far this year.
Q3 numbers are in:
Vehicles Produced: 16,304
Vehicles Delivered: 15,564These results reflect our ongoing focus to increase R1 deliveries to customers across the US and Canada and remain on track with our 52,000 unit annual production guidance. More at: https://t.co/Mp5xmHExkQ
— Rivian (@Rivian) October 2, 2023
In a press release, Rivian Vice President of Commercial Operations had this to say about the accomplishment:
“Q3 marks another milestone as we continue to ramp deliveries while adding more variety to our fleet, most recently adding our Dual Motor to the R1 platform. It has been truly incredible to see record after record fall as we achieved our most successful day, week, month, and quarter of deliveries respectively.
I am in awe of all the teams from the factory to the field who rose to exceed expectations with over 136 percent growth in deliveries over Q3 2022 and over 23 percent QoQ growth. We are excited to enter Q4 with the same energy and focus to close out 2023 successfully.”
Rivian plans to announce its Q3 earnings on November 7 at 4:00 pm Eastern and the company will hold a follow-up webcast at 5:00 Eastern to discuss Q3 performance and business outlook. You can listen to the live webcast here.
The news also comes after Tesla reported 435,059 deliveries in the same quarter, remaining the dominant EV leader. Despite this, the figure represented a miss on analyst estimates for Tesla. However, the automaker predicted this drop would happen during its Q2 earnings call, citing production upgrades at its plants.
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News
Wells Fargo reiterates Tesla (TSLA) price target of $130

Wells Fargo reiterated its Tesla price target of $130, delivering a grim forecast for the electric vehicle company in the near term. However, not all Wall Street analysts agree with Wells Fargo’s prediction.
In a Tuesday note, Wells Fargo analyst Colin Langan outlined a few factors driving the bank’s bearish stance, which might lead to a 53% downside from current levels. The firm reiterated its “Underweight” rating and added Tesla to its tactical ideas list for Q2.
According to Business Insider, Tesla shares have dropped 32% year-to-date, with a 44% slide since mid-December. Wells Fargo points to a slowdown in vehicle sales across Europe, China, and the U.S. as a key drag on first-quarter deliveries. The bank’s data shows deliveries trending 40% lower in Europe, 14% lower in China, and 3% lower in North America through 2025.
The sales dip aligns with broader challenges for Tesla, i.e., nationwide protests tied to CEO Elon Musk’s “close ties to the Trump administration. Musk’s DOGE initiative to cut government spending, in particular, has stirred a backlash.
Not all analysts agree with Wells Fargo’s assessment, as Tesla was not pushing sales for its best-selling Model Y vehicle in Q1. In the first quarter, Tesla was retooling its gigafactories in Europe, China, and North America in preparation to produce the upgraded Model Y.
Wells Fargo cautioned that this sales drop will hit Tesla’s earnings hard and believes the company has limited options to spark a rebound. The firm reasons that Tesla has slashed prices over the past two years, leaving few tools to boost demand.
Wells Fargo predicts that further pressure could come from the Trump administration’s potential axing of the $7,500 federal tax credit. The bank projects a 25% drop in TSLA earnings per share for 2025, driven by lower deliveries and pricing pressures.
For investors, the road ahead looks rocky as Tesla navigates these headwinds, based on Wells Fargo’s forecast. However, Tesla’s long-term future has resulted in a few bright predictions from Wall Street analysts.
Morgan Stanley analyst Adam Jonas predicts Tesla stocks will rebound over 90% within the next year. The firm set a $430 price target for TSLA, citing Tesla’s Full Self-Driving and robotaxi business as potential catalysts for the company. Meanwhile, Canaccord reaffirmed Tesla’s price target of $404 after a visit to Gigafactory Texas, stating that deliveries have mostly been impacted by supply constraints in the first quarter.
Elon Musk
NYC Comptroller moves to sue Tesla for securities violations

New York City Comptroller Brad Lander is urging the NYC Law Department to sue Tesla for securities violations related to CEO Elon Musk’s involvement in the Department of Government Efficiency (DOGE).
Lander said the basis for the potential litigation lies on “material misstatements from Tesla claiming that CEO Elon Musk spends significant time on the company and is highly active in its management, despite his helming the Trump Administration’s DOGE initiative.”
🚨 NEWS: New York City Comptroller Brad Lander wants to sue Tesla by claiming CEO Elon Musk’s role as the head of DOGE is hurting the stock.
Lander said that Musk was “effectively quitting his job at Tesla” by assuming the role with DOGE. pic.twitter.com/p9eMq9mMbr
— TESLARATI (@Teslarati) April 1, 2025
It is a common complaint amongst some Tesla shareholders who are less than enthusiastic about Musk’s involvement in DOGE. Some feel as if Musk is not concerned about Tesla, especially as the stock has dropped over 28 percent this year. However, Musk has continued to double down on his position within the U.S. government.
Nevertheless, Musk’s position in Tesla is still very apparent. He headed an All-Hands meeting just two weeks ago that showed his commitment to the company as he outlined future plans and even joked to employees that they should hold onto their stock.
However, Lander believes Musk’s involvement has hurt New York City pension systems, which have lost over $300 million so far this year. He said:
“In less than three months, Tesla stock has lost nearly 40% of its value, with losses over $300 million for the New York City pension systems. We have long expressed concerns that the Tesla board has failed to provide independent oversight, or to require that Musk – or someone else – serve as a full-time CEO.”
Lander went on to say that “material misstatements from Tesla misled investors about his role at the company,” stating this was his reasoning for calling on the Law Department to file securities litigation against the company.
He believes taking it to court will force changes and will return Tesla shares back to a level that will benefit pension systems in New York City:
“Shareholder litigation could force the changes in governance and leadership that Tesla needs, and help recover some of our pension systems’ losses. Otherwise, we may need to consider divestment.”
The pension systems would be able to pursue financial damages to cover losses and seek governance changes, it says.
Elon Musk
Tesla is testing a Model 3 with some mysterious cameras in the U.S.

Tesla is testing a Model 3 with some mysterious cameras, potentially hinting toward the imminent release of the Cybercab and robotaxi platform in the United States.
After Tesla unveiled the Cybercab in Los Angeles in early October, the company suggested that it would be on its way to launching driverless rides in the U.S. in the near future.
Now, Tesla is inching toward a driverless ride-hailing service in Austin, Texas, among some other potential locations, but it is still working toward a platform that is robust enough to handle it.
Although the company’s Full Self-Driving suite is one of the more advanced on the market, Tesla is still working to accomplish what it feels is a mode of transportation that is safer than a human driver. The robotaxi and Cybercab rollouts will likely accomplish that, but there is still work to be done beforehand.
Now, Tesla is testing a Model 3 in the U.S. that was spotted in several different locations in the Northeastern part of the country, as cameras are seen on this vehicle in locations that are not necessarily typical for what it offers currently:
🚨 A user on r/TeslaMotors spotted this Model 3 with some interesting and never-before-seen camera locations.
Possible Cybercab or Next-Gen testing? pic.twitter.com/J6W6cKCiL9
— TESLARATI (@Teslarati) March 31, 2025
Another one is seen here:
@teslascope Tesla spotted collecting Cybercab data WITH front bumper cam in Boston, MA. (Potentially different front cameras too.) Is Tesla currently including bumper cam video in training data? Will this be required for Unsupervised? pic.twitter.com/5rHPOp2tBe
— Dylan (@Dylan02939106) March 31, 2025
Interestingly, we saw similar camera locations on the Cybercab at the event in October. Tesla is not testing the Cybercab but instead implementing these cameras on a comparable position on its other vehicles.
These are the cameras we spotted on the Cybercab at the event in October:
In the past, Tesla has used a variety of strategies to measure self-driving accuracy, including LiDAR, which has been seen on some testing mules that we have spotted out in public.
Tesla CEO Elon Musk has said that the company does not need LiDAR on testing mules for ground truth, but we still spot them from time to time on public roads.
It’s an appropriate way just to cross Ts and dot Is:
Tesla Model X testing mule spotted with LiDAR rig ahead of Robotaxi event
The company is still moving toward that initial rollout of driverless ride-hailing in Austin in June, and some company executives have stated that the Cybercab will be the vehicle it uses for these initial rides.
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