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Rivian says it is nonetheless on observe to construct 25,000 EVs in 2022

Manufacturing of electrical Rivian R1T pickup vans on April 11, 2022 on the firm’s plant in Regular, Sick.

Michael Wayland / CNBC

Electrical-vehicle startup Rivian Automotive stated it produced greater than 4,000 autos within the second quarter and that it stays on observe to construct 25,000 autos in 2022.

Shares of Rivian had been up about 10% in morning buying and selling at $29.53.

Rivian stated in a press release that it produced 4,401 of its electrical R1T pickups and R1S SUVs within the quarter and that 4,467 autos had been delivered to prospects within the interval. The corporate did not get away manufacturing or deliveries by mannequin.

The corporate stated final yr in its IPO roadshow that it anticipated to construct 50,000 autos in 2022. But it surely cut that guidance by half in March, saying that ongoing world supply-chain points had “added a layer of complexity” to its efforts to ramp up manufacturing. The corporate stated Wednesday it nonetheless expects to make 25,000 autos this yr.

Though nonetheless small, the marketplace for electrical pickups is predicted to develop quickly over the subsequent few years. Ford Motor stated Tuesday that it sold 1,837 of its electric F-150 Lightnings in June and that it has bought 2,296 in whole since starting manufacturing in late Might.

From the start of manufacturing in late 2021 by means of the top of June, Rivian produced a complete of seven,969 autos.

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