Rivian on Track to Build 25,000 Electric Vehicles in 2022

Electric vehicle maker Rivian Automotive said Monday that it produced over 7,000 vehicles in the third quarter, its highest quarterly total to date. The company also confirmed that it remains on track to produce 25,000 vehicles in 2022. Shares of Rivian were up about 7% Tuesday morning. The stock had closed more than 3% lower during the regular trading session Monday.

Rivian truck

Rivian Automotive said in a statement that it produced a total of 7,363 vehicles at its Illinois factory in the third quarter and that 6,584 vehicles were delivered to its customers during the period.

Rivian Automotive 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 Automotive had originally expected to build 50,000 vehicles in 2022. But it halved that guidance in March, saying at the time 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.

By ohn Rosevear via CBNC

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