After seeing a 67% increase in output in the third quarter, Rivian claims it is on track to reach its goals for 2022.
Rivian Automotive, a manufacturer of electric vehicles, reported on Monday that it produced over 7,000 vehicles in the third quarter, its greatest quarterly output to date.
Future plans
The business added that it’s still on schedule to build 25,000 cars in 2022.
On Tuesday morning during off-hours trading, Rivian shares rose by roughly 7%. The stock had dropped more than 3% by Monday’s normal market close.
In a statement, Rivian stated that 6,584 automobiles were delivered to its clients during the third quarter, out of the total production of 7,363 vehicles at its Illinois factory.
At its facility in Normal, Illinois, Rivian now manufactures the R1T truck, the R1S SUV, and delivery vans for Amazon. Production and delivery were not broken down per model by the manufacturer.
In 2022, Rivian had initially projected to produce 50,000 automobiles. However, it cut that forecast in half in March, claiming that problems with the world’s supply chains had “added a degree of complexity” to its effort to boost output.
The business stated on Monday that it still anticipates achieving the 25,000 targets this year.
Through the third quarter of the year, 14,317 automobiles have been produced by Rivian.
To summarize it all.
Rivian asserts that it is on track to meet its objectives for 2022 after reporting a 67% rise in output in the third quarter.
Electric car producer Rivian Automotive announced on Monday that it produced over 7,000 vehicles in the third quarter, which was its highest quarterly output to date.
The company also stated that it will continue to produce 25,000 automobiles in 2022 as planned.
Rivian had initially anticipated producing 50,000 cars in 2022.
Although it claimed that issues with the global supply chains had “added a degree of complication” to its attempt to enhance output, it lowered that projection in half in March.
Rivian has produced 14,317 autos as of the third quarter of the year.