July 6, 2022

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Rivian stories producing 2,553 electrical automobiles within the first quarter of 2022, delivering 1,227 of them

US automaker Rivian has shared manufacturing totals for the primary quarter of 2022 lower than a month after sharing revised manufacturing targets for the 12 months. Regardless of a gradual ramp-up in electrical automobile manufacturing, Rivian mentioned it stays on observe to fulfill its 2022 manufacturing numbers.

Rivian ($RIVN) is a US-based electrical automobile automaker that now has its two flagship electrical automobiles driving on (choose) roads. Though the corporate’s journey to the beginning of manufacturing has been lengthy and fascinating, Rivian cemented its title as the primary automaker to ship an all-electric truck with its R1T pickup truck final fall.

The R1T has since been joined on the meeting strains by the R1S SUV, which just lately started rolling out first deliveries. Each client electrical automobiles be a part of Rivian’s business electrical supply van (EDV) at the moment being produced for Amazon, all on the automaker’s manufacturing facility in Regular, IL.

Though it reported greater than 83,000 reservations on the finish of 2021, Rivian solely produced 1,015 R1 fashions final 12 months, delivering 920 in accordance with its fourth-quarter shareholder letter. The letter additionally mentioned the automaker misplaced greater than $2.4 billion final quarter, saying provide chain points led it to regulate its 2022 manufacturing targets to 25,000.

After closing its meeting strains in early January to streamline operations, Rivian claimed to have doubled its output fee:

We’re centered on our manufacturing ramp and inspired by the staff’s progress. That is mirrored in latest sturdy week-over-week manufacturing fee progress, wherein our manufacturing has been constrained primarily by provider constraints. Vital manufacturing areas of the plant, together with the battery module, common meeting, skateboard meeting, physique store and paint store, proceed to determine manufacturing ranges report weeklies for Rivian. Within the two weeks main as much as March 8, we averaged a weekly manufacturing fee that was roughly twice the This autumn 2021 launch fee. As of March 8, we produced 1,410 automobiles in 2022 and a pair of,425 automobiles for the reason that begin of manufacturing.

These March 8 numbers have been our solely snapshot of Rivian’s progress within the first quarter of 2022 up to now. And whereas the automaker has already surpassed its 2021 totals, it nonetheless has some method to go to fulfill its 2022 manufacturing targets.

A Rivian R1T on show in Southern California

Rivian shares (barely) higher manufacturing figures within the first quarter of 2022

In a press launch immediately, Rivian mentioned it produced 2,553 electrical automobiles by the top of the primary quarter of 2022 (March 31). Of those electrical automobiles, Rivian has delivered 1,227 to prospects. In line with our calculations, Rivian has produced 3,568 automobiles because it started manufacturing final 12 months and delivered 2,147, however Rivian’s Latest Tweet says the official quantity is 3,467 EVs constructed for the reason that SOP… They’re most likely proper.

Regardless of its gradual begin and all this price-rise catastrophe, Rivian stays optimistic that it’s going to meet its revised manufacturing targets by the top of the 12 months:

These numbers are according to the corporate’s expectations, and it believes it’s properly positioned to fulfill the annual manufacturing steerage of 25,000 offered in its fourth quarter earnings name on March 10, 2022.

Though the corporate’s valuation has seen a major drop since its preliminary IPO in November, Rivian continues to be plentiful in money (~$18 billion) and nonetheless has round 80,000 reservations ready to be crammed. When the automaker ultimately hits its manufacturing tempo, it ought to have sufficient capability to maintain it.

Rivian’s present footprint in Regular will have the ability to produce 150,000 electrical automobiles per 12 months by 2023, and expansions are already underway to extend that capability to 200,000 automobiles. A second set up also needs to assist. Final December, Rivian introduced the arrival of an extra plant in Georgia which can ultimately produce 400,000 automobiles per 12 months.

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