Rivian is reporting a significant jump in production during the third quarter. In March, the EV brand that’s backed up by Amazon and Ford said that it aimed to produce 25,000 vehicles this year. After building 7,363 vehicles during Q3, a 67 percent jump over Q2, it says that it’s on track to meet that goal.
Originally, Rivian expected to build a total of 50,000 vehicles during 2022. The revised guidance in March led to some doubt about the brand’s viability and long-term goals. Achieving such a boost in production, a new record for Rivian, is a positive sign for the automaker at this stage.
In addition to the new production record, Rivian delivered 6,584 vehicles to customers. From the beginning of the year and through the end of September, Rivian has produced a total of 14,317 vehicles. That means that it’ll need to set another record by producing at least 10,683 units during the fourth quarter of 2022. That represents an approximate increase of 45 percent on top of what it just did during Q3.
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Currently, it produces three different models. These include the R1T pickup truck that it launched the company with, the R1S SUV which shares most of its components with the R1T, and its Amazon Delivery Van. Rivian doesn’t break down its production and delivery statistics by model.
Rivian’s shares saw about a 12 percent bump in trading on the market Tuesday after a small increase of about 4 percent on Monday. As of this writing, the stock is valued at $35.88 which is still more than 15 percent lower than it was six months ago.
Perhaps Rivian’s successful ramp-up in production bodes well for the other EV brand in a similar position like Lucid. The Air manufacturer initially intended to build some 20,000 vehicles in 2022 but like Rivian, it cut its estimates early in the year to just 12,000-14,000 units. In August, it dropped that even further to just 6,000-7,000. We should know how it fared during the third quarter in the not-too-distant future.
