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EV startup Rivian missed its production goal for 2022


Automobile

EV startup Rivian missed its production goal for 2022

Rivian Automotive Inc. did not meet its goal of making 25,000 vehicles by 2022. This was the end of a tough year for the electric truck startup.

Rivian stated in a regulatory filing that it completed 10,020 vehicles in the last three months of 2022, bringing its total for the year to 24,337. Customers received 20,332 vehicles from the company.

In an email to employees, CEO RJ Scaringe stated that more than 700 vehicles were awaiting parts or other work to be completed by the end of the year. In his email, Scaringe said that the company's missed production goal was due to a crisis in the global supply chain.

Rivian's sole factory in Normal, Illinois, was forced to close for 20 days this year and shut down early for an additional 50 days due to supply-chain issues, he wrote.

Investors had been keeping a close eye on the young company's 25,000-vehicle target. Rivian's first model, the R1T pickup truck, went into production in late 2021, during a period of global shortages and supply-chain disruptions. It is also developing a sport utility vehicle, the R1S, and an electric delivery van for Amazon.com Inc., a major investor.

The company wanted to demonstrate to investors that it could mass produce its vehicles and deliver them to over 100,000 preorder customers. It reduced its production forecast for the year to 25,000 from 50,000 in early 2022.

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