American electric vehicle manufacturer Rivian says it has produced 13,992 vehicles and delivered 12,640 vehicles during the second quarter, handily beating market expectations.
Rivian, maker of the R1T pickup truck/ute, R1S SUV, and Rivian EDV delivery vans, has been under the microscope of late as it seeks to ramp up production levels at its manufacturing facility in Normal, Illinois.
The pressure was on after Rivian was forced to issue a recall on more than 12,000 vehicles in late 2022 before it then saw majority shareholder Ford sell most of its shares in early 2023 after the company was forced to take a $US7.4 billion write-down on its Rivian investment.
Unsurprisingly, then, the focus has been on Rivian to deliver on its production goals of 50,000 vehicles produced by year’s end.
Rivian has already made good headway, producing 9,395 vehicles and delivering 7,946 during the first quarter of 2023, and the company has only continued to improve production levels.
According to Rivian’s latest figures, published Monday, the company produced 13,992 vehicles at its Illinois factory during the second quarter and delivered 12,640 vehicles to customers.
As such, Rivian was able to declare that “it believes it is on track to deliver on the 50,000 annual production guidance previously provided.”
The market reacted immediately and positively to Rivian’s good news, with its share price jumping 15% on the back of the news.
Further details of Rivian’s second quarter will be announced on August 8.
Keyword: Rivian beats expectations, producing nearly 14,000 electric vehicles in Q2