Rivian boosts production of electric vehicles in the second quarter by building 4,401 vehicles in the period. This achievement gives electric vehicle makers momentum as they work to address parts and supply chain issues.
Rivian produced 4,401 vehicles at its manufacturing facility in Normal, Illinois and delivered 4,467 vehicles during the same period.
This year’s second quarter results were up from 2,553 in the first quarter. This increase in production keeps Rivian on track to produce 25,000 units this year across its three products. RJ Scaringe, CEO of Rivian, tweeted that production has increased and is keeping the company on track to achieve this year’s targets.
Supply chain and production are ramping! 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.
— RJ Scaringe (@RJScaringe) July 6, 2022
Backed by billions of dollars from Ford and Amazon, Rivian was seen as a potential challenger to Tesla when it went public at the end of last year. However, Rivian faces a shortage of spare parts that has forced them to revise their production targets.
The production announcement in the second quarter of the year saw Rivian shares rise 3.5 percent as of 9:11 a.m. before regular trading Wednesday in New York.
Rivian has so far built two electric vehicle models namely the R1T pickup and a sports vehicle called the R1S. The R1T electric pickup is projected to compete with models from other major manufacturers such as the Hummer EV, the Ford F-150 Lightning to the Tesla Cybertruck.
Rivian also manufactures electric delivery vans for Amazon which is one of their biggest investors. Rivian has a contract to deliver 100,000 electric vans to the e-commerce giant by the end of the decade.