Rivian Automotive Shares Up After First Quarter 2022 Financial Results
May 12, 2022 By MarketDepth
Rivian Automotive, Inc. (NASDAQ: RIVN) shares mup more than 15% after it has published on Thursday a Q1 2022 letter to shareholders in which the innovative car manufacturer announced that total production for Q1 2022 was 2,553 vehicles and that it has delivered 1,227 vehicles in Q1, generating $95 million in revenue.
Ramping Up Production
As for the Company’s outlook, Rivian remains focused on ramping production throughout 2022. The company believes that the supply chain constraints will continue to be the limiting factor of the production.
“Based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022.”Rivian Explained
Currently, top priority for 2022 remains ramping production in the Normal, Illinois production facility. As of May 9, 2022, Rivian had over 90K net R1 preorders from consumers in the U.S. and Canada, all of which have been attracted by organic growth and brand awareness and without any paid marketing or media. Since updating our pricing in March. The Company has received over 10,000 R1 preorders for the US and Canadian market with an average price of over $93,000.