Rivian has just announced its electric vehicle production and sales results for the second quarter of 2022.
During the period, the company produced at its manufacturing facility in Normal, Illinois, 4,401 BEVs, which is 72% more than in Q1. Sales amounted to 4,467.
It means that Q2 was better than the previous two quarters combined - a good sign of a progressing ramp-up.
Rivian Q2 2022 results:
- Production: 4,401
- Sales: 4,467
Rivian production and sales results - Q2 2022
So far this year, Rivian produced almost 7,000 electric vehicles, and sold close to 5,700.
Rivian YTD results:
- Production: 6,954
- Sales: 5,694
Considereing the average rate achieved in Q2, Rivian already makes over 17,000 units annually. The company's goal remain the same: 25,000 units (over 2,000 per month on average) in 2022.
"These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided."
Cumulatively, Rivian produced almost 8,000 BEVs and delivered over 6,600.
Rivian CEO RJ Scaringe thanked the team and suppliers for contributing to the result:
Rivian still has a long way to go, as the number of pre-orders for the R1T/R1S in the US and Canada exceeded 90,000 (as of May 9), plus 100,000 vans for Amazon (including 10,000 originally expected in 2022).
The production volume must continue to increase towards much higher levels to catch up with demand.
Rivian has an advantage of being first on the market with an all-electric pickup, and a unique quad motor platform for pickup/SUVs, but the competitors are coming. Most recently, Ford announced 1,837 Ford F-150 Lightning pickup sales in June, saying that it was the #1 electric pickup for the month.
In parallel to ramping-up production, during the last quarter, Rivian launched its exclusive Rivian Adventure Network (RAN) DC fast charging network.