EV startup Rivian Automotive remains on track to meet its 2022 goal of building 25,000 vehicles by the end of 2022 following impressive third-quarter production growth. According to Rivian, it produced over 7,000 vehicles in its third quarter (7,363 in total) at its Illinois factory, up 67 percent from Q2 and marking the highest quarterly total to date. Additionally, during that period, 6,584 vehicles were successfully delivered to customers.
Following the news, shares of Rivian were up 12 percent with shares currently sitting around $35.79 according to Google Finance. Year to date through Q3, Rivian has produced a total of 14,317 vehicles as reported by outlets like CNBC, leaving a little under 11,000 vehicles needing to be produced to meet the company’s 25,000 vehicle goal. Originally, Rivian had planned to produce 50,000 vehicles in 2022 but later halved that number back in March due to ongoing global supply-chain issues.
Overall, it’s a positive thing for customers to hear that production at Rivian is increasing, and that the company remains on track to hit its goal of 25,000 vehicles produced by the end of 2022. Especially considering how the company is looking at over 90,000 reservations as indicated by one of the company’s earnings calls earlier this year.
While we wait to see how production at Rivian goes over the last few months of 2022, we’ve got some additional coverage we recommend checking out including Mercedes and Rivian forming a joint venture to build EV vans in Europe, and Amazon taking a $3.9 billion writedown in Q2 2022 on its Rivian investment.