Rivian has announced that it remains on track to meet its annual production target of 50,000 vehicles for 2023, according to its Q1 production and delivery figures released on Monday. The announcement comes after a challenging year for the young company, which experienced some production and supply chain issues in 2022.
CEO RJ Scaringe has described 2022 as a challenging year for the company, but added that the production ramp-up had equipped the team with valuable manufacturing operations and product development experience in a short period of time. Despite the challenges, the company managed to produce 24,337 vehicles last year, just shy of its goal of 25,000.
Rivian’s CFO Claire McDonough has stated that the company is guiding to produce 50,000 vehicles this year, although analysts were expecting the guidance to be slightly higher, between 60,000 to 65,000. The company’s Q1 results reflect its efforts to prioritize ramping up production at its plant in Normal, Illinois, and its plan to ramp up second-shift operations to boost R1S and R1T deliveries.
Rivian has released the following Q1 totals:
- Vehicles Factory Gated: 9,395
- Vehicles Delivered: 7,946
Frank Klein, Rivian’s chief operating officer, described the results as a great start to the year and expressed his appreciation for the team’s hard work in continuing to ramp up production. He added that the company is looking forward to taking this momentum forward as it heads into Q2.
In addition to its production figures, Rivian has also made progress in integrating its new in-house “Endoru” drive units into its EVs, with deliveries expected to be on time. The company believes that the drive units will help streamline production and bring down costs.
