Rivian Automotive, an EV startup that made it onto TIME’s 100 Most Influential Companies back in March of this year, recently shared the news that it’s still on track to build 25,000 vehicles in 2022. Lending credence to this assertion, Rivian has already produced 4,401 vehicles (R1T pickups, R1S SUVs) during the second quarter of 2022, with 4,467 vehicles having been delivered to customers during this period as well.
On the heels of this positive news, shares of Rivian went up approximately 10 percent in morning trading at $29.53, as reported by outlets like CNBC. While things are undoubtedly moving in the right direction for Rivian, it’s worth noting that the company has to produce over 18,000 more vehicles over the next eight months to meet its 25,000 vehicle goal, which translates into just over 9,000 vehicles per quarter, more than twice as many vehicles as were produced during Q2 2022.
Looking back at 2021 through the end of June, Rivian produced a total of 7,969 as reported by CNBC. Furthermore, during last year’s IPO roadshow, Rivian shared the expectation to manufacture 50,000 vehicles in 2022, later cutting that number in half back in March. According to Rivian, global supply-chain issues have complicated its efforts to boost production numbers.
It’ll be interesting to see whether Rivian can meet its target of 25,000 vehicles, especially seeing as how it’s looking at over 90,000 reservations as noted during the company’s last earnings call. We’re curious to hear what you think about the matter, though. Do you think Rivian will be able to meet its target of 25,000 vehicles produced in 2022? What do you think of the Rivian vehicles in general? Let us know in Chatty!
For more on Rivian, also be sure to read through some of our previous coverage including how Rivian (RIVN) stock hit an all-time low back in May with Ford selling 8 million shares as a result.