Rivian says it’s on track to meet its 25,000 annual production goal

Rivian still needs to produce over 9,000 vehicles in Q3 and Q4 each to reach the goal

Last year, Rivian shipped a total of 920 vehicles. 2022 is only halfway through, and the automaker announced that it has already delivered 4,467 vehicles in the second quarter of 2022, outpacing 2021 by 385.543 percent.

As reported by The Financial Post, Rivian said that the company is on track to meet its annual production target of 25,000 units after increasing its output by roughly 72, when compared to the first quarter of 2022. Considering that the automaker produced 4,401 vehicles in the second quarter, and 2,553 in the first, it would still need to produce over 9,000 vehicles in Q3 and Q4 each to reach the goal.

Following the update from Rivian about the increase in vehicle production, and the company reaffirming that it is on track to meet its production target, the company’s share has seen a roughly 19 percent upward surge.

Rivian is seen as a possible challenger to electric vehicle market leader Tesla Inc., after having received billions of dollars in funding from investors like Ford Motor and Amazon. However, the company has previously struggled with parts shortages and other challenges impeding efforts to ramp up manufacturing. It seems that Rivian has found its footing, and achieving its annual production goal would only solidify it.

Source: The Financial Post