Electric vehicle maker Rivian announced that it produced more than 7,000 vehicles in the third quarter. The number marks the highest quarterly total for the company to date.
Rivian confirmed it is on track to hit its production estimate of 25,000 vehicles this year. The company had initially expected to produce 50,000 cars in 2022 but cut that forecast in half in March. At the time, the company said global supply-chain issues had “added a layer of complexity” to its original plan to increase production. So far this year, Rivian has produced 14,317 vehicles through the end of the third quarter. To meet its target, Rivian will need to create more than 10,000 EVs over the final three months of the year.
Rivian currently makes the R1T pickup, the R1S SUV, and delivery vans for its partnership with digital retailer Amazon at its factory in Normal, Illinois. The company didn’t offer specific numbers for production or delivery by model within its third quarter results.
In a statement, the company said it produced a total of 7,363 vehicles at the factory during the third quarter, and 6,584 cars were delivered to customers during the period. The company is expected to release its entire Q3 earnings sometime this month. As it continues to invest money in production capacity, it reported a loss of $1.71 billion in the second quarter and modified guidance to forecast a $5.45 billion total loss for the year.
Shares of Rivian were up about 7% Tuesday morning after closing more than 3% lower during the regular trading session on Monday.
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