Rivian confirms its March forecast to build 25,000 electric vehicles in 2022
• Company confirmed that it’s on track to produce 25,000 EVs in 2022
Rivian Automotive Inc (NASDAQ: RIVN) on Wednesday said it delivered 4,467 EVs in the second quarter, nearly four times more than the last quarter, as the electric carmaker benefited from a ramp-up in production and strong demand.
The EV startup, in a press release, said it is on track to meet its annual production target of 25,000 units after the second quarter output jumped 72% to 4,401 vehicles.
Shares of Rivian jumped almost 14% to $30.60 in the early trading session in New York, following the upbeat figures.
Last year, the company, in its IPO roadshow, forecasted that it would build 50,000 vehicles in 2022. However, the EV maker cut the guidance by half in March, saying that ongoing global supply-chain issues had “added a layer of complexity” to its efforts to ramp up production.
The company has a factory in Normal, Illinois, where it manufactures the R1S sport utility vehicle, R1T pickup truck and a delivery van for its investor and customer, e-commerce giant Amazon.com Inc (NASDAQ: AMZN), which has around 18% stake in Rivian.
The Illinois factory has an annual capacity of 150,000 vehicles, and Rivian has said it intends to increase that to 200,000 by 2023 and planning to open its second plant in Georgia in 2025.
Picture Credit: AP News
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