American EV automaker Rivian has shared production totals for Q1 of 2022 less than a month after sharing revised production goals for the year. Despite a slow ramp-up of EV production, Rivian stated that it remains on track to achieve its 2022 output numbers.
Rivian ($RIVN) is a US-based EV automaker that now has both of its flagship EVs driving around on (some) roads. While the company’s journey toward the start of production has been a long and interesting one, Rivian solidified its title as the first automaker to deliver a fully-electric truck with its R1T pickup this past fall.
The R1T has since been joined on the assembly lines by the R1S SUV, which recently began to roll out initial deliveries. Both consumer EVs join Rivian’s commercial electric delivery van (EDV) currently being produced for Amazon, all at the automaker’s manufacturing plant in Normal, IL.
Despite reporting over 83,000 reservations at the end of 2021, Rivian only produced 1,015 R1 models last year, delivering 920 according to its Q4 shareholder letter. The letter also shared that the automaker lost over $2.4 billion last quarter, explaining that supply chain woes had caused it to adjust its 2022 production goals down to 25,000.
After shutting down its assembly lines in early January to streamline its operations, Rivian claimed to have doubled its exit rate:
We are focused on our production ramp and are encouraged by the team’s progress. This is reflected in strong recent week-over-week production rate growth, wherein our output has been constrained primarily by supplier constraints. The critical production areas of the plant, including battery module, general assembly, skateboard assembly, body shop, and paint shop, continue to each set record weekly production levels for Rivian. During the two trailing weeks prior to March 8, we averaged a weekly production rate that was approximately two times the exit rate of Q4 2021. As of March 8, we have produced 1,410 vehicles in 2022 and 2,425 vehicles since the start of production.
Those March 8 numbers were our only taste of Rivian’s Q1 2022 progress up to this point. And although the automaker has already surpassed its 2021 totals, it still has a ways to go to reach its 2022 production targets.
Rivian shares (slightly) better Q1 2022 production numbers
In a press release today, Rivian shared that it has produced 2,553 EVs as of the end of Q1 2022 (March 31). Of those EVs, Rivian delivered 1,227 to customers. By our count, Rivian has produced 3,568 vehicles since its start of production last year and delivered 2,147, but Rivian’s latest Tweet states the official number is 3,467 EVs built since the SOP… They’re probably right.
Despite its slow start and that whole price hike catastrophe, Rivian remains optimistic it will hit its revised production targets by the end of the year:
These figures are in line with the company’s expectations, and it believes it is well positioned to deliver on the 25,000 annual production guidance provided during its fourth quarter earnings call on March 10, 2022.
Although the company’s valuation has seen quite a plunge since its initial IPO in November, Rivian is still flush with cash (~$18 billion) and still has about 80,000 reservations waiting to be fulfilled. When the automaker does eventually hit its manufacturing stride, it should have plenty of capacity to support it.
Rivian’s current footprint in Normal will be able to produce 150,000 EVs a year by 2023, and expansions are already in the works to increase that capacity to 200,000 vehicles. A second facility should help too. Last December, Rivian announced an additional plant is coming to Georgia that will eventually produce 400,000 vehicles annually.
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