The automaker has confirmed that they are keeping their target to deliver 25,000 electric vehicles this year.
Rivian Automotive Inc. said that it accelerated its production and they are on track to deliver 25,000 electric vehicles this year.
The automaker has built almost 5,000 cars since production started in September, it said on Wednesday. This includes more than 2,500 cars between January and March but the company has been experiencing assembly line pauses due to parts shortages. The company only delivered 1,227 of its products during January and March.
“We remain focused on ramping production throughout 2022. We believe that the supply chain constraints will continue to be the limiting factor of our production,” Rivian said in its letter to shareholders. “Based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022”
The automaker’s shares surged as much as 14% in after-hours trading, before paring gains. The stock closed down 9.6% to $20.60 and has dropped about 80% so far this year. The shares were affected by the expiration of the company’s IPO lockup period.
Rivian had $95 million in revenue this past quarter, which is below analysts’ estimates of $131.2 million. The EV-maker recorded an adjusted loss of $1.43 a share, slightly better than the average estimate of $1.45. –according to Yahoo.
Currently, Rivian operates a single facility in Normal, Illinois. It plans to invest $5 billion in a new production plant in Georgia. The State of Georgia has reportedly aided Rivian in doing so by giving a $1.5 billion incentive.