Rivian Automotive Inc. reaffirmed its 2023 target for electric-vehicle production even as the automaker’s output slowed in the first three months of the year.
(Bloomberg) — Rivian Automotive Inc. reaffirmed its 2023 target for electric-vehicle production even as the automaker’s output slowed in the first three months of the year.
The company built 9,395 battery-electric vehicles in the first quarter, according to a statement Monday. That topped the 8,752 average of analysts’ estimates but was down from the 10,020 units pumped out in the prior quarter. Rivian — which makes two consumer EVs and a delivery van for Amazon.com Inc., one of its biggest investors — delivered 7,946 to customers in the first quarter.
Rivian’s shares fell 2% at 9:49 a.m. in New York. The stock slid 16% this year through Friday’s close.
The Irvine, California-based company was seen as a leading challenger to EV market leader Tesla Inc. after a blockbuster 2021 listing. However, its first year of production was marked by multiple setbacks, including missed targets due to a supply-chain crunch and a sharp drop in its shares.
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Rivian in late February said it expected to build 50,000 EVs this year, a figure the company reiterated Monday. Management has told employees internally that a total of 62,000 was possible for 2023, Bloomberg reported.
“This is a great start to the year, and we remain on track to hit our annual production guidance,” Rivian Chief Operations Officer Frank Klein said in a statement. “We’re looking forward to taking this momentum forward.”
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