Key points to note:
- Rivian confirmed it’s on track to build 25,000 vehicles in 2022, in line with its lowered guidance in March.
- Rivian delivered 4,467 electric trucks and SUVs to customers in the second quarter.
Rivian Automotive, an electric-vehicle startup, announced that it produced more than 4,000 vehicles in the second quarter and remains on track to produce 25,000 vehicles by 2022.
Rivian shares opened sharply higher and maintained their gains throughout the day, closing at $29.66, up 10.4 percent.
Rivian said in a statement that it produced 4,401 of its electric R1T pickups and R1S SUVs in the quarter and delivered 4,467 vehicles to customers. The manufacturer did not break down production or deliveries by model.
In its IPO roadshow last year, the company expected to build 50,000 vehicles by 2022. However, in March, it cut that guidance in half, citing ongoing global supply-chain issues as having “added a layer of complexity” to its efforts to ramp up production. The company stated on Wednesday that it still plans to produce 25,000 vehicles this year.
Although it is still small, the market for electric pickup trucks is expected to grow rapidly in the coming years. Ford Motor Company announced that it sold 1,837 electric F-150 Lightning in June, bringing the total number of vehicles sold to 2,296 since production began in late May.
Rivian produced 7,969 vehicles between the start of production in late 2021 and the end of June.
Rivian, which went public late last year in one of the largest IPOs in US history, stated in May that it aims to own more than 10% of the global market eventually.
This summer, the automaker’s top priority is to increase production at its Normal plant by adding a second shift. It also intends to begin construction on a $5 billion facility in Georgia, where the state has awarded the automaker the state’s largest-ever incentive package of $1.5 billion.