Rivian affirms that it is on schedule to produce 25,000 electric cars this year.
According to the revised advice it provided in March, Rivian has verified that it is on schedule to produce 25,000 vehicles in 2022. In the second quarter, Rivian shipped 4,467 of its electric pickup trucks and SUVs to consumers.
Thursday, July 7, 2022 | Chimniii Desk
Rivian Automotive, a startup that manufactures electric automobiles, reported that it produced over 4,000 vehicles in the second quarter and that it is still on schedule to create 25,000 vehicles by the end of 2022.
Shares of Rivian started the day off significantly higher and held onto the gains, closing at $29.66, up 10.4%.
In a statement, Rivian claimed that 4,401 of its all-electric R1T pickup trucks and R1S SUVs were built during the third quarter, and 4,467 of those cars were delivered to customers. Production and delivery were not broken down per model by the manufacturer.
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In its IPO roadshow last year, the business stated that it anticipated producing 50,000 vehicles by 2022. But in March, it lowered that forecast by half, citing persistent problems with the world's supply chains as having "added a layer of complexity" to its efforts to increase production. The business confirmed on Wednesday that it still plans to produce 25,000 automobiles this year.
The market for electric pickups is now limited, but over the next several years, it is anticipated to expand significantly. Ford Motor reported on Tuesday that it sold 1,837 electric F-150 Lightnings in June and a total of 2,296 since late May, when production first started.
Rivian produced a total of 7,969 vehicles from the start of production in late 2021 through the end of June.
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