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Rivian Is on Track To Deliver the Estimated 25,000 Vehicles in 2022, Is Flush With Cash

Rivian has released its Q1 2022 production and deliveries results for the first quarter of 2022. The California EV startup said it produced 2,553 vehicles at its manufacturing facility in Normal, Illinois, without offering further details. These figures are in line with the company’s expectations though, so Rivian might deliver on its pledge to build 25,000 vehicles in 2022.
Rivian is on track to deliver the estimated 25,000 vehicles in 2022 6 photos
Rivian production in Normal, ILRivian production in Normal, ILRivian R1SRivian R1TRivian R1T
Although Rivian doesn’t detail how those numbers break down by models, a more interesting piece of information surfaces from the report. Despite the fact that Rivian has produced 2,553 vehicles, it only reported 1,227 deliveries in the first quarter of the year. Considering that the startup sits on 80,000 preorders for the R1 family of EVs, plus 100,000 orders from Amazon for the electric van EDV, it would be interesting to learn why Rivian hasn’t delivered more of their vehicles to customers.

Last year, Rivian announced the production of 1,015 vehicles, with 920 of them being delivered to customers throughout 2021. This still left 95 vehicles from the 2021 production to be delivered in 2022, so the real delivery number in Q1 2022 is even lower, at 1,132. We wouldn’t be surprised to learn that Rivian delayed deliveries in the wait for missing electronic components, the same way that Ford did with the Bronco.

We know Rivian has been hit especially hard by the chip shortages in the automotive industry. The company revised its prospects while lowering production estimates to 25,000 units for 2022. Nevertheless, it seems like Rivian is on the right track to ramp up production, considering it built 1,410 vehicles as of March 8. This means the company built the remaining 1,243 vehicles in just three weeks. This is why Rivian thinks it can deliver on its production estimates for the year ahead.

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 automaker said in a regulatory filing.

With 80,000 reservations still waiting to be fulfilled and a stash of cash estimated at $18 billion, Rivian would have no problem weathering the storm and coming on top of its current problems. Rivian estimates to get to Normal, Ill. production capacity of 150,000 a year by 2023, with an increase to 200,000 vehicles already in the works. A second production facility is being under construction in Georgia, with a planned capacity of 400,000 vehicles.

 
 
 
 
 

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