Rivian Aims To Produce 60,000+ Electric Vehicles in 2023! No EV Price War!

Rivian Aims To Produce 60,000+ Electric Vehicles in 2023! No EV Price War!

Rivian plans to manufacture over 60,000 EVs in 2023, according to those in the know. This is a sharp hike from the company 20,000 vehicles delivery record in 2022.

Rivian's internal prognosis conforms to analyst forecasts prior to the announcement of their 50,000-vehicle goal, affirming the company's progress despite the production impediments and supply chain disruptions that have disrupted business across the sector recently.

Image: Rivian

Rivian is aiming to compete with Tesla for the title of EV market leader, and made a successful debut on the stock market in 2021, with one of the largest US IPOs. Despite this impressive feat, production problems have slowed their progress; only 24,500 vehicles were produced in 2022, compared to their target of 25,000 units.

Rivian has confirmed that it will not be following Tesla's lead in terms of price-cutting. Scaringe clarified the company's position, stating that Rivian is confident with their current order backlog and they anticipate strong demand in the years ahead.

Rivian has declined to give a precise figure for the number of orders, yet previously announced that 114,000 preorders were placed for its R1T pickup and R1S SUV in the US and Canada. Furthermore, Amazon is one of their largest customers with an agreement for 100,000 Electric Delivery Vehicles due by 2030.

Despite the strong demand for its vehicles, Rivian reported a fourth-quarter net loss of $1.7 billion. Fortunately, the company is well-funded with cash and cash equivalents of $11.6 billion. Its predicted vehicle output in 2023, including the R1S, R1T, and EDV vans will be 50,000 units; this figure is lower than what analysts had anticipated. Supply chain issues were reported as one factor preventing their plant in Normal, Illinois from achieving higher levels of production.

Some may look at Rivian's aversion to a price war disadvantageously, yet Scaringe's trust in the value of the firm's products implies a strategic call based on their abundant orders. With the electronic vehicle industry further developing, it'll be fascinating to observe how Rivian updates their policy and contends against other companies in the sector.

Additional New

Rivian is developing an E-bike

Rivian is developing an e-bike. CEO RJ Scaringe indicated that a small team has been assembled for the project.

This new mode of transportation promises to be a game changer for the brand and has the potential to alter the way Rivian appeals to customers.

Rivian Incredible 2022 Year, Despite Set Backs - 24K EVs Delivered

Rivian Automotive revealed the quantity of vehicles produced in the quarter ending December 31, 2022 and the amount shipped during that time frame. A total of 10,020 vehicles were fabricated at their Normal, Illinois plant with 8,054 delivered to customers.

Polestar Expects To Sell 80K EV's in 2023! 60% YOY Growth

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