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Strong Production Numbers And Talent Acquisition Boosting EV Manufacturer Rivian
Things are challenging right now in the EV space, but Rivian has had some good news go their way recently
Electric pickup truck maker Rivian has, like many companies, experienced a difficult year. Their stock is down around 70% since the start of 2022, and in an effort to tighten their belt to weather the current difficult global economic times, are exploring significant job cuts. However, their outlook isn’t entirely bleak, as they recently reported strong Q2 production numbers, and data shows they have been leading the way in grabbing talent from EV giant Tesla.
Founded in 2009, Rivian is based out of California and develops electric vehicles, specifically pickup trucks at the moment, on their proprietary “skateboard” platform that can be used to both support their own future vehicle designs or be utilized by other manufacturers willing to pay for the technology. The company has already begun deliveries on their R1T electric pickup and also have an R1S electric sport utility vehicle and an electric delivery van coming down their pipeline.
Thus far, their R1T has been their crown jewel. The all-wheel drive truck with eight different driving modes is capable of going from 0–60 in three seconds, and features up to 11,000 pounds of towing capacity. This model comes with all manner of other bells and whistles. Despite the same chip and material shortages experienced by automakers practically across the board, the company has continued forging ahead. It was reported that in Q1 of 2022 they built 2,553 vehicles and delivered 1,227, after producing 1,015 trucks in all of 2021. With a goal of 25,000 vehicles coming off their assembly lines this year, they had some ground to make up in order to reach that lofty number.
The Rivian Q2 numbers, which were recently announced, ended up being a surprise source of optimism that they are still on track to meet their 2022 goals. Investing.com’s Senad Karaahmetovic reported that the company produced 4,400 R1T pickups and R1S SUVs this past quarter, and also delivered 4,467 vehicles to customers. Year to date, they have rolled 6,954 vehicles off their assembly lines.
