Rivian's promise to upend the auto industry with beautifully designed emissions-free, adventure- themed trucks and SUVs was almost dependent on the company's ability to deliver actual vehicles to actual customers Rivian is getting a little bit better.
The company produced more vehicles in the second quarter than it did in the previous quarter. Over the first three months of the year, it delivered 4,467 vehicles to customers. Rivian didn't give a breakdown of how many R1T electric trucks and EDVs it had.
There will be more red ink when the company reports its Q2 earnings. Rivian had a net loss of over 1.5 billion dollars in the last quarter.
The company will still need to churn out 18,046 vehicles over the next eight months if it’s to meet its goal of 25,000 built this year
If it is to meet its goal of 25,000 built this year, the company will need to make 18,06 vehicles over the next eight months. It will be no small task but it is possible. Rivian said that it has more than 80,000 reservations for the R1T and R1S vehicles.
The media got its first impressions of the R1S SUV and the production news came as a result. Everyone seems to think it's good.
Electric vehicles with impressive software and delightful features have never been an issue. Rivian's main challenge is to build enough of those vehicles to justify its eye-catching IPO valuation and then get them into customers' homes.
The stock price of Rivian has plummeted since the company went public last fall. The company said it would be leaving its commercial division in order to overcome its many challenges.