Rivian says it’s still on track to build 25,000 EVs in 2022

Production of electrical Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Standard, Unwell.

Michael Wayland / CNBC

Electrical-motor vehicle startup Rivian Automotive said it manufactured additional than 4,000 autos in the next quarter and that it remains on keep track of to develop 25,000 vehicles in 2022.

Shares of Rivian opened sharply larger and held on to the gains, ending the working day at $29.66, up 10.4%.

Rivian explained in a assertion that it created 4,401 of its electric powered R1T pickups and R1S SUVs in the quarter and that 4,467 autos ended up sent to consumers in the interval. The enterprise failed to break out generation or deliveries by model.

The enterprise stated past year in its IPO roadshow that it predicted to build 50,000 automobiles in 2022. But it slash that guidance by 50 percent in March, expressing that ongoing global supply-chain concerns experienced “added a layer of complexity” to its efforts to ramp up manufacturing. The corporation stated Wednesday it continue to expects to make 25,000 motor vehicles this calendar year.

Though nevertheless tiny, the marketplace for electric pickups is anticipated to grow swiftly about the next number of many years. Ford Motor claimed Tuesday that it bought 1,837 of its electric F-150 Lightnings in June and that it has offered 2,296 in whole since beginning generation in late May possibly.

From the beginning of generation in late 2021 by means of the conclude of June, Rivian developed a full of 7,969 vehicles.