Rivian Automotive announced it produced 2,553 vehicles while delivering 1,227 of them during 2022’s first quarter, reaffirming its goal to build 25,000 all-electric cars this year.
“Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter ending March 31, 2022,” it said in an 8-K filing with the SEC. “The company produced 2,553 vehicles at its manufacturing facility in Normal, Illinois and delivered 1,227 vehicles during the same period. 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 started production and deliveries in September 2021, with the first R1T units making their way to customers just before Q4. In 2021, the automaker delivered 1,015 cars, bringing the company’s total deliveries to just over 2,240 thus far.
In mid-March, Rivian reported a trim in its production target, moving its 2022 guidance from 40,000 to 25,000, citing supply chain issues and other challenges as the reason for the revision.
“Looking ahead to 2022 and beyond, we are focused on continuing to help drive the transformation of transportation,” Rivian said in its Shareholder Deck for Q4 2021. “Our path to EV leadership won’t be easy. In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up.”
The company also said in its 10-K filing, released in late March, that the ongoing issues between Russia and Ukraine contributed to some bottlenecks. “We are currently operating in a period of economic uncertainty, capital markets disruption, and supply chain interruptions, which have been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and the Ukraine. Our business, prospects, financial condition, results of operations, and cash flows may be materially adversely affected by any negative impact on the global economy, capital markets, or supply chain resulting from the conflict in the Ukraine or any other geopolitical tensions,” the automaker said in its filing.
It also told investors it planned to suffer “continuing losses” for the foreseeable future, not an uncommon theme for automotive startups.
Shares closed down over 9.3 percent on Tuesday. As of 6:18 PM EST, shares were trading up 1 percent after hours.
Disclosure: Joey Klender is not a Rivian Shareholder.
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