Overcome supply chain bottlenecks Rivian delivers 25,000 vehicles this year

Rivian’s Rivian R1T electric pickup. (The Associated Press)

Electric CarStartup Rivian on Wednesday (11th) asserted that its target of delivering 25,000 vehicles this year remains unchanged despite supply chain issues affecting the production schedule.

Rivian said that since production began in September last year, it has so far built nearly 5,000 electric vehicles, including 2,553 in the first quarter, for some production lines that previously held back due to a lack of parts. The number of vehicles delivered has reached 1,227. Rivian manufactures vehicles including pickup trucks, SUVs and commercial vans.

Shares of Rivian climbed up to 14% in after-hours trading on Wednesday following bullish news. Earlier, it closed at $20.6, down 9.6 per cent in regular trading. Rivian’s stock price is down nearly 80% this year, and the market has been volatile this week, largely due to the expiration of the sell ban order.InvestmentPeople and large investors can sell stocks.

Rivian’s revenue of $95 million last quarter missed analysts’ expectations of $131.2 million. The adjusted loss per share was $1.43, while the market expected a loss of $1.45 per share.

In addition to car models sold to general consumers,heroine(Amazon) placed a large order for 100,000 battery-powered cargo vans with Rivian. Amazon is the second largest shareholder of Rivian. The first batch of 10,000 vehicles is to be delivered before the end of this year.

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