Rivian production numbers jumped: 67% more EVs has been built this quarter.
Rivian recently announced its production totals for the quarter that ended on September 30, 2022.
The all-electric manufacturer produced 7,363 vehicles at its manufacturing facility in Normal, Illinois, and a total of 6,584 vehicles were delivered to customers. That production total is a healthy 67% increase over Q2.
"These figures remain in line with the company's expectations," said the automaker and a statement. Encouragingly, the company feels that it will meet its target of delivery targets for this year, even though its targets were downgraded a few months ago.
Rivian has been adamant that it will deliver 25,000 vehicles in 2022, despite several hardships along the way. In addition to suffering from the same shortages as other manufacturers in the industry, Rivian also lost some customers due to price increases.
While hitting its 25,000 vehicle target would be great for Rivian's image, the manufacturer still has a way to go before being considered competitive against the Ford F-150 Lightning. The Lightning is already sold out for 2022, and there's now a unit in every state in the USA.
Still, Rivian is already way beyond its 2021 sales figures. Production started late, and Rivian only delivered 920 vehicles last year.
The EV brand will only go from strength to strength as it charges toward its ultimate goal of producing 200,000 vehicles per year. The brand only builds cars in Illinois at the moment, but it received permission to build a new factory in Georgia earlier this year.
The $5 billion factory will be up and running by 2028, creating 7,500 jobs directly and nearly 8,000 new jobs in the supply chain. As a result, Rivian will receive $1.5 billion in funding, comprised of local and state incentives and tax credits.
Unfortunately, most of Rivian's portfolio will not be eligible for the $7,500 tax credit under the new inflation reduction act, which has a cut-off point of $80,000 for larger vehicles.
Customers are also waiting for R1S deliveries to start, and the EV SUV launch will likely positively impact Rivian's share price. The brand had a tough 2021 and 2022, but the good news has been rolling in recently.
Rivian recently signed a high-profile agreement with Mercedes-Benz to build a new electric van. This is in addition to its existing deal to provide Amazon with electric last-mile delivery vans and a highly successful IPO late last year. The shares fell during the course of this year, but at the time of writing, Rivian's worth was $33.26 billion. That places it above Hyundai and in the same company as Ferrari, Honda, and Stellantis.
Rivian also recently received permission to export its products to Canada. The Canadians are pretty keen to get their hands on the R1T, but production has been so limited that Rivian didn't have enough stock to ship over. Now that production is (sort of) up to speed, our neighbors to the north can finally get their EV trucks.