Although the Q1 figures paint a rather slow start to the year, Rivian stands by its production target of 25,000 vehicles for 2022.
Rivian has announced its production numbers for the first quarter of 2022, and whether you’re an investor or a reservation holder, there’s cause to be optimistic.
The electric car company revealed in a short statement that overall production at its manufacturing plant in Normal, Illinois, for the quarter ending March 31, 2022, was 2,553 vehicles. Rivian delivered 1,227 vehicles within the same time period.
Despite the fact that the company does not break down the data by model, it’s evident that the Rivian R1T electric pickup accounts for the majority of total manufacturing. The figures are likely to include Amazon’s R1S SUVs (deliveries began in December 2021) and EDV electric delivery vans.
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The Q1 2022 data obviously look better when compared to the entire year 2021 manufacturing total of 1,015 automobiles, indicating that production in Normal, Tennessee is ramping up. In addition, Rivian claims that the results are in line with its expectations.
“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.”
Rivian announced revised production goals for the year less than a month ago, and the production and delivery numbers for the first quarter of 2022 came less than a month later. The EV startup restated its target to construct 25,000 electric vehicles this year in March, and the company says the goal is still on track, despite the slow start in Q1.
Rivian is obviously depending on the company’s production capacity to grow even more. To reach 25,000 units, the automaker would have to produce 22,500 vehicles in the final three months of the year.
Rivian currently has 80,000 reservations on hold, and it will take some time to produce all of these vehicles—roughly three years at the current promised rate of 25,000 units each year.
That may not be the case if the corporation succeeds in meeting its current aim of 150,000 automobiles per year by 2023. Rivian has set even higher production goals for the future, hoping to produce 200,000 units per year after improvements to the Illinois plant are completed, and 400,000 units per year once the new factory in Georgia is operational.