Rivian Delivers 1,227 Electric Cars in Q1 2022
Rivian announced on Tuesday it produced 2,553 electric vehicles for Q1 2022, while 1,227 cars were delivered, for the quarter ending March 31, 2022.
These electric vehicles were produced at its factory in Normal, Illinois and according to Rivian’s Form 8-K filed with the SEC, it says “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 deliveries in Q1 are an increase over the 909 cars delivered by Rivian in Q4, which saw an operations loss of $2.45 billion.
In contrast, EV leader Tesla delivered a record 310,048 vehicles in Q1. It’s clear manufacturing new EVs at scale is a difficult task, especially during a global chip shortage and supply chain pressures.
Shares of Rivian are trading up 0.50% in after-hours, at $42.40 per share as of writing.