Rivian Could Finally Be Gaining Momentum With Its Production

Rivian is having a decent year. Could it be gaining momentum?
Written by Andrew Kidd
Reviewed by Serena Aburahma
Oct 20, 2022
If anyone's having a good year, it's Rivian, which recently announced it has reached its highest total quarterly
electric vehicle
production to date.
Per
CNBC
, Electric vehicle manufacturer Rivian Automotive reported that it produced more than 7,000 vehicles in the third quarter, its largest quarterly output to date. Rivian notes that it's still on schedule to build 25,000 cars in 2022.
As a result of the news, Rivian's shares rose about 7%. It had dropped more than 3% on the previous day's market close.

Sales up for the quarter

Rivian stated that it delivered 6,584 automobiles to its clients during the third quarter, out of a total production of 7,363 vehicles at its Normal, Illinois facility. 
Rivian manufactures the
R1T
truck, the R1S SUV, and delivery vans for Amazon. Rivian did not provide a production and delivery breakdown by model.
Rivian had initially projected producing 50,000 automobiles in 2022, but cut that forecast in half in March, claiming that problems with the global
supply chain
(shocker) had added a degree of complexity to its effort to boost output.
The business stated on Monday that it still anticipates achieving the 25,000 target this year. Through the third quarter, the automaker produced 14,317 automobiles.

Rivian expanding despite setbacks

Rivian has big ambitions in the electric vehicle sector. Rivian CEO R.J. Scaringe has told media in the past that the automaker is planning a number of smaller commercial vehicles that would share a platform with its upcoming R2 crossover SUV, with production scheduled to start sometime in 2025. 
Scaringe predicts that the automaker could find itself producing up to a million electric vehicles a year by 2030—lofty goals for a company that halved its production expectations for this year.
But regardless of the outlook, Rivian has opened 21 electric vehicle
service centers
in major U.S. cities like Chicago, Denver, and Orlando, with service centers set to open in Canada as well. For a company that doesn't have physical dealerships, it's a move to ensure customers have access to the services vehicle owners expect.

Price hikes

Rivian is also increasing the cost of its vehicles; it already dropped the
least expensive
trims of its R1S electric SUV and R1T electric pickup. 
That means if you want a new Rivian, you'll have to shell out around $6,000 more for the new base models. 
Rivian told customers that it was canceling the more affordable Explore package due to low demand, noting that a small percentage of customers chose the configuration.
Rivian has previously hiked prices by about $12,000 for its preorder holders. Unsurprisingly it faced some serious backlash from its customers and gave its reservation holders their original price.

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Nationwide
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Travelers
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