R1T Truck

Make
Rivian
Segment
Sports Car

Earlier this month, we reported on Rivian's production woes, and when Rivian released its Q4 shareholder letter in mid-March, the news was pretty dire. Rivian currently has 83,000 orders for the R1T and R1S, but says it only can build 25,000 trucks and delivery vans this year.

The bulk of the vehicles being built is made up of the delivery vans Rivian designed for Amazon as part of the original investment deal, which means R1T deliveries will be even fewer. As a result, Rivian's stock price took a 13% knock.

Rivian claimed it could produce 50,000 vehicles annually if not for the global semiconductor shortage. That may or may not be true, but there is still some good news to report following the release of Rivian's Q1 sales figures.

The semiconductor shortage was mentioned again, and a breakdown of all the pre-ordered cars Rivian needs to build. According to the report, the EV-maker produced 2,553 vehicles, of which 1,227 deliveries have taken place. It's still unclear what the ratio of van to truck production is, but we have seen R1T owners post videos of their cars on YouTube, so at least some customer cars are making their way home.

According to the Q1 report, Rivian is on track to meet the expectations set in the previously mentioned Q4 report. This announcement positively impacted Rivian share prices, which increased by 1.45%.

As it currently stands, Rivian has to build 83,000 trucks and SUVs and 100,000 delivery vans for Amazon. Production is on the rise, however. In the final quarter of last year, Rivian managed to build just 1,015 vehicles, 920 of which were delivered to customers. The Q1 production figure of 2,553 is a remarkable improvement.

In total, Rivian has produced 3,568 vehicles so far. To put that into perspective, that's just 1.95% of all the cars it needs to build just to clear the pre-orders.

At least things are looking up for Rivian, as it has received a lot of negative press lately. Most notably, it tried increasing the price of its products, but the EV manufacturer reversed the price hikes following a massive outcry from both its customers and shareholders. Now it just has to make good on deliveries and we'll be all smiles.