Today Rivian(RIVN) startup shares its quarter 1 result, in Q1 Rrivian produced 9,395 electric vehicles remaining EVs are on track to achieve the 50,000 targets by 2023.
Will Rivian hit 50K annual production? – Rivian quarter 1 report
Let’s discuss what CEO said but its goal, was last year RJ Scaringe announces produce 50,000 EVs annually and said we are a young EV maker working through production & supply kinks.
Last year Rivian target was to produce 25,000 EVs but it slightly missed its goal & produce 24,337, with only 663 EVs reaming to hit its goal. At the time RJ said the production expansion “has equipped our team with valuable manufacturing operations and product development experience in a short period of time.”
But this year’s target is double last year which is quite difficult to hit 50,000 EVs yearly but not impossible if Rivian produces 10K EVs in all quarters will hit the target goal.
also: Ford Sell Majority Stake (shares) in the Electric vehicle Startup Rivian
Rivian also said it will ramp up 2nd shift operated at its Normal, Illinois plant, as it progressed through the 1st quart to boost Rivian R1S & R1T deliveries.
| Vehicles Plant Gated | 9,395 |
| vehicles Delivered | 7,946 |
Rivian also said it made integration with a new in-house “Endoru” drive unit into its EDVs, with deliveries expected on time, this drive unit help streamline production & helps bring down the cost.
What is the Rivian quarter 1 report?
Today Rivian(RIVN) startup shares its quarter 1 result, in Q1 Rrivian produced 9,395 electric vehicles remaining EVs on track to achieve the 50,000 targets by 2023.