Rivian Sends a Positive Signal Regarding Its Major Issue!
Listen to this article
Rivian Automotive Inc., a maker of plug-in trucks, produced 2,553 vehicles in the first quarter despite a clogged supply chain and pandemic concerns.
Rivian also maintained its goal of producing 25,000 electric vehicles this year, according to a statement released Tuesday. A mix of its R1T battery-electric trucks and R1S sport utility vehicles, as well as battery-electric delivery vans for Amazon.com Inc., are included in the data. In the first three months of the year, the company delivered 1,227 vehicles.
Since production began in September, Rivian’s Normal, Illinois, factory has produced approximately 3,600 electric vehicles.
Rivian, which has been hailed as a serious competitor to Tesla, has recently grappled with the practicalities of introducing and ramping up new EV models. The situation in Ukraine, according to the automaker, has exacerbated supply-chain and cost concerns. Rivian has also dealt with a sinking share price as well as a humiliating U-turn on vehicles pricing since its November trading debut when its market worth temporarily approached $150B.
Last month, the company predicted that 25,000 cars would be produced this year, with 10,000 vans coming to Amazon by the end of the year. With assembly lines hampered by parts shortages, the productivity goal is half of what the plant is capable of.
Rivian’s stock is up less than 1% in New York following regular trade on Tuesday. Through Tuesday’s close, the stock has dropped 59% this year, valuing the company at $38 billion.