The company said on Tuesday that Rivian produced 2,553 vehicles in the first quarter, allowing it to reach its target of 25,000 electric vehicles this year.
Rivian also said it delivered 1,227 vehicles in the first quarter. Production data includes a Rivian R1T pickup truck, an R1S SUV and a van made for Amazon, a Rivian shareholder.
“These numbers are in line with the company’s expectations and we believe it is well positioned to meet the 25,000 unit annual production expectations announced during the fourth quarter earnings report on March 10, 2022,” the company said in a statement.
In March, Rivian cut its production target to 25,000 vehicles by 2022 due to supply restrictions. Analysts had expected Rivian to produce about 40,000 electric vehicles by 2022, but Russia’s war in Ukraine and the ongoing fallout from the pandemic caused supply shortages, prompting the company to rethink its goals.
“The biggest hurdles we’re facing right now are really supply chain,” CEO RJ Scaring told investors during his first-quarter earnings report in March. “It’s actually a small number of parts for which the supplier isn’t moving at the same pace as our production lines. If not for the suppliers,” he said, “we are confident that this year we can get more than 50,000 vehicles.”
First-quarter production results show that Rivian has successfully removed many of the production constraints that automakers often struggle to scale, especially in one of the tightest supply chains in recent history.
Production is up 150% from 1,015 vehicles in the fourth quarter, when Rivian first began manufacturing and distributing its R1T electric pickup truck. Delivery also improved, but not as much, up just 22.5% from 920 vehicles sold in the fourth quarter.