Rivian produced 2,553 vehicles in the first quarter, putting it on course to meet its production goal of 25,000 EVs this year, the company said Tuesday.
Rivian also reported that it delivered 1,227 vehicles in the first quarter. The production figures include a mix of the Rivian R1T pickup truck, R1S SUV and the commercial vans it is making for Amazon, a Rivian shareholder.
“These figures are in line with the company’s expectations, and it believes it is well positioned to deliver on the 25,000 annual production guidance provided during its fourth quarter earnings call on March 10, 2022,” the company said in a statement.
In March, Rivian lowered its production guidance to 25,000 vehicles in 2022 due to supply constraints. Analysts had expected Rivian to produce closer to 40,000 EVs in 2022, but supply constraints augmented by Russia’s war in Ukraine and the lingering effects of the pandemic caused the company to adjust its target.
“The biggest constraints we now face really lie with the supply chain,” CEO RJ Scaringe told investors during its first-quarter earnings call in March. “It’s really a small number of parts for which the supplier isn’t ramping at the same rate as our production lines are ramping up. Were it not for supplier constraints,” he added, “we’re confident we could achieve in excess of 50,000 vehicles this year.”
The Q1 production results suggest Rivian has successfully navigated some of the production bottlenecks that often plague automakers attempting to scale operations — and notably during one of the more constrained supply chains in recent history.
Production grew 150% from the 1,015 vehicles in the fourth quarter when Rivian first began making and delivering its R1T electric pickup truck. Deliveries also improved, but not as significantly, growing just 22.5% from the 920 vehicles sold in the fourth quarter.
Source : Rivian picks up EV production in Q1, on track to hit annual target
