This week, Rivian announced a significant increase in its production of EVs. Despite the supply chain issues impacting the market, the automaker produced 4,401 EVs during the last quarter (Q2 2022) – nearly double its production the previous quarter.
In a press release detailing its delivery and production results, Rivian shared, “Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter ending June 30, 2022. The company produced 4,401 vehicles at its manufacturing facility in Normal, Illinois and delivered 4,467 vehicles during the same period.”
According to the release, this brings the total of vehicles produced by Rivian to 7,969 since the start of production late last year. Although these results don’t specify production numbers per model, it is assumed that the R1T electric pickup truck has accounted for the majority of the vehicles produced, in addition to some R1S electric SUVs and battery-powered delivery vans for Amazon.
“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” Rivian added in the release. To accomplish this goal, Rivian would have to nearly double production every quarter until the end of the year.
Speaking to this (admittedly ambitious) production plan, CEO RJ Scaringe explained that the company is working through any supply chain and production ramp issues that previously impacted the delivery of EVs. “Supply chain and production are ramping,” read Scaringe’s tweet. “We just announced production of 4,401 vehicles for Q2 bringing our cumulative total since start of production to 7,969 — keeping us on track to reach our year-end goals. Thank you to our team & suppliers.”