SURPRISE: Rivian Falls Short of Annual Production Target
Posted on 12/17/2021
Irvine, California-based Rivian Automotive Inc., the electric vehicle (EV) company that went public recently, disclosed that they expect to fall short of its annual production target. Rivian disclosed they will be “a few hundred vehicles short” of its goal to produce 1,200 units by the end of the year. Rivian launched its first model in September 2021, the plug-in R1T pickup.
Rivian expects capital expenditures of about US$ 8 billion through 2023. Amazon.com, Inc. is the largest stakeholder in Rivian at 20%. Amazon has pre-ordered 100,000 electric vans from Rivian that are expected through 2025.
