Rivian misses 2022 production goal

Electric vehicle made at the Rivian plant in Normal
Electric vehicle made at the Rivian plant in Normal(25 News)
Published: Jan. 4, 2023 at 11:36 PM CST
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NORMAL (25 News Now) - Rivian Automotive fell short of its goal of producing 25,000 electric vehicles at its plant in Normal during 2022, but the pace of production picked up and the company made more deliveries in the fourth quarter compared to the previous three months.

Rivian was 663 vehicles short of achieving its goal, making 24,337 vehicles in 2022, the company said in a news release.

Rivian’s announcement capped a year in which the company faced numerous challenges, particularly supply chain issues that delayed the start of a second shift to boost production.

The company’s stock price fell almost 83% during the past year. It was priced at $17.71 per share at the end of Wednesday’s regular trading session.

In the fourth quarter, Rivian said it produced 10,020 vehicles, compared to 7,363 vehicles made in the third quarter.

Rivian said it delivered 8,054 vehicles to its customers in the fourth quarter, up from 7,363 in the third quarter.

For the year, the automaker said it delivered 20,332 vehicles.