Adventure EV-maker Rivian (RIVN) and its beleaguered shareholders received a nice boost today, in the form of updated delivery numbers.
Rivian announced that in the second quarter, it had produced 4,401 vehicles at its Normal, Illinois factory and delivered 4,467 vehicles as well.
The company’s second quarter output is a big improvement over the first quarter, where it produced 2,553 vehicles and delivered only 1,227.
Rivian also reiterated its 2022 production target. “These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” the company said in a statement.
Rivian reiterating its 2022 production forecast comes as a surprise given the company’s difficulties in ramping up manufacturing at its sole plant in Normal, IL. Earlier this year Rivian CEO RJ Scaringe warned of a looming EV battery shortage, claiming much of that supply chain wasn’t built yet in the U.S.
“Put very simply, all the world’s cell production combined represents well under 10% of what we will need in 10 years,” Scaringe said in an interview with the Wall Street Journal. “Meaning, 90% to 95% of the supply chain does not exist,” he added.
Despite these shortages, Rivian intends to boost production beyond what it can achieve at its Normal plant, announcing it would build a new facility outside of Atlanta, Georgia. Construction of the new plant will begin next year, with production expected to begin in 2024.
In addition to the R1T and RS1 consumer oriented adventure vehicles, Rivian is also making electric delivery vans intended for so-called "last mile delivery." Amazon (AMZN), an investor in Rivian, has ordered 100,000 of these vans from Rivian.
With today’s news, Rivian shares are up over 10% in midday trading, but down 70% thus far in 2022. The company is expected to release full secondquarter financial results after the bell on August 10th.