Rivian, a maker of electric vehicles, reported a major increase in production during the third quarter of 2022, estimated at 67% over the second quarter. The business had hoped to produce 25,000 vehicles by the end of the year with help from Ford and Amazon. However, this necessitates fourth-quarter production records.
Rivian had originally planned to produce 50,000 vehicles, but due to various crises, including those involving Corona or the supply chain, the goal was reduced to just 25,000 vehicles. Nevertheless, the increase in production in the third quarter and the achievement of a record production are encouraging signs for the automaker at this time.
In addition to setting a new record for production, CarScoops stated that Rivian delivered 6,584 vehicles to customers. Given that the company produced more than 14,000 vehicles from January to September, it needs to create more than 10,000 vehicles in the fourth quarter to meet its target.
Following a modest increase of 4% on Monday, Rivian’s shares are up 12% in trade on Tuesday, making the company’s share worth $38.
15% less than it was six months ago, at 88.
Currently, Rivian manufactures three separate models: the R1T pickup truck, with which the firm began; the R1S SUV, which shares the majority of its components with the truck; and the Amazon Delivery Van. stats on the output of rivals by model.
The expansion of Rivian’s production is encouraging for up-and-coming producers of electric vehicles, like Lucid, which suffered the same setbacks in 2022 as Rivian did. Lucid’s initial goal was to produce 20,000 vehicles, but that number was later lowered to 12,000 before rising to 14, and then it fell once more to just over 7,000.
Rivian increased its output by a factor of six in the third quarter of 2022.
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