Rivian on track to meet production target of 25,000 vehicles
Reuters
Published Apr 05, 2022 05:34PM ET
(Reuters) - Electric vehicle maker Rivian Automotive Inc said on Tuesday it is on track to achieve its production target of 25,000 vehicles this year, sending its shares up 2.4% in extended trading.
The company said it had made 2,553 vehicles and delivered 1,227 cars in the first quarter. It produced 1,015 vehicles and delivered 920 last year after starting deliveries of its R1T pickup truck towards the end of the third quarter.
Rivian said last month that supply-chain issues could cut its planned 2022 production in half to 25,000 vehicles.
The company has a factory in Normal, Illinois, where it currently makes the R1S sport utility vehicle, R1T pickup truck and a delivery van for investor and customer Amazon.com Inc (NASDAQ:AMZN).
The factory currently has an annual capacity of 150,000 vehicles and Rivian has said it intends to increase that to 200,000 by 2023 as it adds new vehicles.
Rivian, whose another plant near Atlanta is set to open in 2024, will eventually build 400,000 vehicles a year and also make battery cells.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.