Rivian Picks Up EV Production in Q1, On Track to Hit Annual Target

Rivian Picks Up EV Production in Q1, On Track to Hit Annual Target

Rivian manufactured 2,553 vehicles in the first quarter, putting it on track to fulfill its target of 25,000 electric vehicles this year, according to the firm. Rivian also announced that in the first quarter, it supplied 1,227 automobiles. Rivian’s R1T pickup truck, R1S SUV, and commercial vans for Amazon, a Rivian stockholder, are included in the production numbers.

“These statistics are in line with the company’s expectations,” the business stated in a statement, “and it thinks it is well-positioned to deliver on the 25,000 annual production projection announced during its fourth-quarter earnings call on March 10, 2022.” Rivian cut their production forecast for 2022 to 25,000 vehicles in March owing to supply problems. Rivian had been projected to build closer to 40,000 electric vehicles in 2022, but supply restrictions, exacerbated by Russia’s war in Ukraine and the pandemic’s lasting impacts, forced the business to revise its goal.

The Station Cruise Loses Its Head, Nio Brings AR in the Car and Rivian Expands to Georgia
Rivian Picks Up EV Production in Q1, On Track to Hit Annual Target

During the company’s first-quarter results call in March, CEO RJ Scaringe said, “The largest challenges we currently face truly lay with the supply chain.” “It’s only a handful of pieces for which the supplier isn’t scaling up at the same rate as our manufacturing lines.” “We’re convinced we could accomplish in excess of 50,000 vehicles this year if it weren’t for supply restrictions,” he continued.

Rivian’s Q1 production figures indicate that the company has effectively handled some of the production obstacles that hamper automakers seeking to increase operations — particularly amid one of the most restrictive supply chains in recent memory. Rivian’s R1T electric pickup truck production has increased by 150 percent since the fourth quarter, when it first began building and delivering the vehicle. Deliveries improved as well, albeit not as dramatically, increasing by just 22.5 percent from the 920 vehicles sold in the previous quarter.

ivian, the U.S. electric automaker that went public late last year, published fourth-quarter financial results and calendar 2021 statistics, which disappointed Wall Street and pushed shares to a new low, along with its production prediction for 2022. Rivian reported $54 million in sales in the fourth quarter of 2021, virtually matching its full-year total of $55 million. In the last three months of the year, Rivian supplied 909 automobiles.

In Q4 2021, the business began making more large-scale deliveries, but this was insufficient to bring it even close to breaking even, as expected. Rivian lost $2.43 per share on an adjusted basis. According to Yahoo Finance, the firm was predicted to lose $2.05 per share on an adjusted basis for the quarter, with total revenue of $63.99 million. Simply said, Rivian’s revenues were lower than planned, and the company lost more money.

Rivian’s stock dropped 6.35 percent to $41.16 in normal trading amid a largely gloomy session, establishing a new 52-week low; the Nasdaq Composite was down almost a full percent. Rivian shares fell more than 13% in after-hours trade following the company’s results announcement.