Rivian says production increased 67% to meet 2022 goals

Rivian says production increased 67% to meet 2022 goals

Rivian says production increased 67% to meet 2022 goals

Rivian says production increased 67% to meet 2022 goals

October 5, 2022: -Electric vehicle maker Rivian Automotive said Monday that it produced over 7,000 vehicles in the third quarter, its most elevated quarterly total to date.

The company also confirmed that it would produce 25,000 vehicles in 2022.

On Tuesday morning, shares of Rivian were up about 7% in off-hours trading. The stock had closed more than 3% lower during Monday’s regular trading session.

Rivian stated that it produced 7,363 vehicles at its Illinois factory in the third quarter and that 6,584 cars were delivered to its customers.

Rivian currently makes the R1T pickup, the R1S SUV, and delivery vans for Amazon at its factory in Normal, Illinois. The company didn’t break out production or deliveries by model.

Rivian had initially been expected to build 50,000 vehicles in 2022. But it halved that guidance in March, saying that global supply-chain issues had “added a layer of complexity” to its plan to increase production.

The company confirmed Monday that it still expects to meet that goal of 25,000 this year.

Year to date, through the third quarter Rivian has produced 14,317 vehicles

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Rivian says production increased 67% to meet 2022 goals

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