Rivian sticks to 2023 manufacturing aim for EVs regardless of quarterly dip

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EV automaker Rivian stated Monday it produced 9,395 vehicles at its manufacturing facility in Regular, Illinois within the first quarter, decrease than the earlier interval however nonetheless on observe to hit its 50,000 manufacturing aim for the 12 months.

Rivian stated it delivered 7,946 of these automobiles within the first quarter. Rivian’s first-quarter supply numbers simply missed analysts expectations. Analysts polled by FactSet anticipated Rivian to ship about 8,000 automobiles.

Shares fell 4.3% following the announcement.

These Q1 numbers had been increased than the identical quarter final 12 months, a time when Rivian was grappling with provide chain constraints within the midst of scaling up manufacturing. Nonetheless, they had been decrease than its This autumn outcomes. Rivian produced 10,020 EVs in Q4 and delivered 8,504 in the identical interval.

Rivian has struggled with provide chain issues — particularly semiconductors — since manufacturing of its R1T truck started in late 2021. These issues didn’t abate in 2022, forcing the corporate to cut back manufacturing steerage from 50,000 to 25,000 automobiles for 2022. Even with that lower, more conservative guidance Rivian didn’t fairly hit the mark. Rivian produced 24,337 automobiles and delivered 20,332 automobiles in 2022.

Rivian is scheduled to host an audio webcast at 2 pm PT Might 9 following the discharge of its first-quarter earnings outcomes.

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