Rivian has released the production numbers for the first quarter of 2022, and there's reason to be optimistic if you're an investor or a reservation holder.
In a short statement, the EV startup announced that total production for the quarter ending March 31, 2022, at its manufacturing facility in Normal, Illinois, amounted to 2,553 vehicles. During the same period, Rivian delivered 1,227 vehicles.
While the company does not break the numbers down by models, it's pretty clear that the Rivian R1T electric pickup makes up the bulk of total production. The numbers likely also include R1S SUVs—for which deliveries started in December 2021—and EDV electric delivery vans for Amazon.
Compared to the full year 2021 production total of 1,015 vehicles, the Q1 2022 figures clearly look better and suggest that production is ramping up in Normal, Tennessee. Furthermore, Rivian says the results align with its expectations.
Gallery: 2022 Rivian R1T: First Drive Review
"These figures are in line with the company's expectations, and it 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."
The production and delivery numbers for the first quarter of 2022 come less than a month after Rivian shared revised production goals for the year. In March, the EV startup reaffirmed its goal to build 25,000 electric vehicles this year, and the company insists that goal stands, even though the Q1 figures paint a rather slow start.
Obviously, Rivian is counting on production capacity to further increase. To achieve 25,000 units, the carmaker would need to make some 22,500 vehicles in the remaining three quarters of this year.
Rivian has some 80,000 reservations waiting to be fulfilled and it may take a while until it is able to build all these vehicles—about three years at the current promised rate of 25,000 units a year.
That may not be the case if the company gets its way and manages to build 150,000 vehicles a year by 2023, as its current target states. Going forward, Rivian has even more ambitious production targets, aiming to make 200,000 units a year when expansions to the Illinois plant are finalized and 400,000 units a year when the additional factory in Georgia starts operating.