Production of Rivian R1T electric pickups on April 11, 2022 at the company’s plant in Normal, Illinois.
Electric car launch Rivian Automotive said it produced more than 4,000 vehicles in the second quarter and plans to build 25,000 vehicles in 2022.
Rivian shares rose about 10% in morning trading to $29.53.
Rivian said in a statement that 4,401 R1T electric pickups and R1S SUVs were produced during the quarter, and that 4,467 vehicles were delivered to customers during the period. The company did not break down production or deliveries by model.
The company said at an IPO road show last year that it expects to build 50,000 vehicles in 2022. cut that forecast in half in March, saying current global supply chain issues have “added complexity” to its efforts to ramp up production. On Wednesday, the company said it still expects to produce 25,000 vehicles this year.
The market for electric pickups, although small, is expected to grow rapidly over the next few years. Ford Motor said on Tuesday that 1,837 electric F-150 Lightnings were sold in June. and that a total of 2,296 copies have been sold since production began at the end of May.
From the start of production at the end of 2021 until the end of June, Rivian has produced a total of 7,969 vehicles.