Rivian reports a significant progress on production!

Rivian started production of the R1T electric pickup in September 2021 and has built 1,015 vehicles last year, ( short of hitting its target of 1,200 due to supply-chain constraints)

• CEO, called the global semiconductor chip shortage the “most painful” constraint in the push to build production.

Mr. Scaringe, Rivian CEO said that the EV startup is making continuous progress on increasing the production of electric vehicles at its plant in Illinois.

He delivered remarks about the production ramp-up during a Wolfe Research conference.

“We’re absolutely making progress. The plant is starting to ramp nicely.”

*Rivian tweet on their trademark EV models

We built Rivian to help shift the world toward sustainable transportation and energy. At this critical, once-in-a-planet moment, we want to do more. pic.twitter.com/qRWS14S4CS

— Rivian (@Rivian) November 10, 2021

In a move to boost output, Rivian idled the plant for the first 10 days of January to make changes on the production lines.

As reported by Reuters, he said the company is aiming to take 10% share in the EV market.

The Ceo said that Rivian has the brand position “to build out a portfolio, and allow us to really work toward building a position of 10 percent market share within the EV space.”

As things stand at the moment, the main obstacle in Rivian’s path is the production capacity.

As of December 15, 2021, Rivian had about 71,000 pre-orders for the R1T and R1S in the US and Canada.

In January, the company was building around 200 vehicles per week, which is nowhere near enough to satisfy the existing demand in a reasonable amount of time.

Besides building the R1T pickup and R1T SUV,

Rivian has a contract to manufacture 100,000 electric delivery vans by 2025 for Amazon (10,000 of which need to be delivered this year).

*The online retailer Amazon holds a 20% stake in the EV startup.

source:Reuters/Wolfe research

photo:Rivian.inc