Rivian Showing Progress on Production and Expansion Goals for 25,000 EVs in 2022
Rivian has been ramping up production significantly in recent months, with the company producing 2,553 vehicles and delivering 1,227 in Q1 2022. This puts Rivian on track to meet its goal of 25,000 EVs this year. However, there is still a lack of information regarding the exact mix of vehicle types being produced and delivered.
Rivian has faced supply constraints due to Russia’s war in Ukraine and the lingering effects of the pandemic. As a result, analysts had expected Rivian to produce closer to 40,000 EVs in 2022, but that number was revised down to 25,000 vehicles earlier this year. It remains to be seen if Rivian will hit this target or not when they report their next earnings on 11 May.
In addition, many customers are eagerly awaiting more delivery details on their accounts page “early in 2022” as promised by Rivian. Those who have already ordered their vehicles can check their estimated delivery window via their Rivian Guide or account page. For example, one customer who pre-ordered in March 2021 is expecting their vehicle between July and September 2022. Another customer who pre-ordered in 2019 has an April/May window for delivery.
Overall, it appears that Rivian is making progress towards meeting its production goals despite facing various challenges along the way. We look forward to seeing what new updates the company releases during its upcoming earnings call.
In the meantime, Rivian has been busy expanding its network of service centers and charging stations. The company recently announced that it will be opening a new service center in Los Angeles this summer. This is part of their plan to open up more than 100 locations across North America by the end of 2022. Additionally, Rivian has partnered with Electrify America to expand its public charging network even further.
Rivian also continues to make progress on other fronts such as autonomous driving technology and software updates for existing vehicles. Earlier this year, they released an update which included features like adaptive cruise control and lane-keeping assist for R1T owners in Canada and Europe (the US version is expected soon). They are also working on developing Level 4 autonomy capabilities which could potentially enable hands-free driving at highway speeds later this year or early next year depending on regulatory approval timelines.
Overall, it looks like Rivian’s production ramp up is going well despite some supply constraints due to external factors beyond their control such as Russia’s war in Ukraine or lingering effects from the pandemic . We look forward to seeing what new updates they release during their upcoming earnings call while continuing expansion efforts into service centers & charging networks along with development work towards autonomous driving capabilities.
How many vehicles did Rivian produce and deliver in Q1 2022?
Rivian produced 2,553 vehicles in the first quarter of 2022 and delivered 1,227 during the same time.
Is Rivian on track to meet its production goal of 25,000 EVs this year?
Rivian 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.
What is the reason for the delivery delays?
The delivery delays are likely due to supply chain issues for one or two parts out of 100K parts.
When will we get more information regarding the production quantities and mix?
We can hope that we get additional detail when Rivian releases their next earnings report on 11 May.
Has anyone seen added delivery detail on their accounts page yet?
Some customers have seen added delivery detail on their accounts page, while others have not yet.
What is my estimated delivery window if I pre-ordered in March 2021?
If you pre-ordered in March 2021, your estimated delivery window is Jul-Sep 2022.
What is the current production rate?
Rivian's current production rate is approximately 1,000 vehicles per week.
Is there any way to speed up the delivery process?
Unfortunately, there is no way to speed up the delivery process as it is largely dependent on the supply chain. However, Rivian has been working hard to ensure that they can meet their production goals and deliver vehicles as quickly as possible.