Rivian sticks to 2023 production target for EVs despite quarterly decline

EV automaker Rivian mentioned on Monday 9,395 vehicles produced Its manufacturing unit in Regular, Illinois, underperformed within the first quarter, however continues to be on monitor to fulfill its 50,000 manufacturing goal for the 12 months.

Rivian mentioned it delivered 7,946 of those automobiles within the first quarter. Rivian’s first-quarter supply figures missed analysts’ expectations. Analysts polled by FactSet anticipated Rivian to ship round 8,000 automobiles.

Shares fell 4.3% after the announcement.

These first-quarter figures had been larger than in the identical quarter final 12 months, when Rivian grappled with provide chain constraints within the midst of ramping up manufacturing. Nonetheless, it was decrease than This autumn outcomes. Rivian produced 10,020 EVs in This autumn and delivered 8,504 in the identical interval.

Rivian has struggled with provide chain points—notably semiconductors—because it started manufacturing of the R1T truck in late 2021. These points didn’t subside in 2022, forcing the corporate to cut back its manufacturing goal for 2022 from 50,000 to 25,000 automobiles. Even so, the decrease, extra conservative steering 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 on Might 9 at 2:00 PM PT, following the announcement of first-quarter earnings outcomes.