The Rivian R1T is in the year 2022.
Rivian.
Rivian stock plummeted Friday after the company reported its first quarterly results as a public company.
Due to supply-chain constraints, the maker of electric pickup trucks will fall short of its production target.
EV production is expected to begin in Georgia in the year 2024, as announced by Rivian.
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Rivian stock fell Friday after it was revealed that production of electric trucks this year would fall short.
The EV startup's first quarterly report since last month's blockbuster initial public offering revealed that it has a market cap of over $1 billion.
Like the rest of the global auto industry, Rivian is suffering from supply-chain constraints that are holding back production. The company will be a few hundred vehicles short of its goal of producing 1,200 vehicles by the end of the year, according to the third-quarter earnings statement.
Rivian's shares fell as much as 15% to an intraday low of $92.62 but recovered to a loss of 14% by 10:15 a.m. The time is later. The recently public EV startup, Lucid Group, was down 8%.
Rivian will add to its production capacity in Normal, Illinois by building a new factory in Georgia. The $5 billion plant will be built in the summer of 2022, with production of EV expected to start in the summer of 2024.
Rivian is building a truck, SUV and delivery vans. The company is developing an electric pickup truck to go with its electric SUV.
There are about 2,000 pre-orders each week. The company said that the combined number of preorders for the electric truck and SUV increased to 71,000 as of December 15.
For now, sales are limited. The third-quarter revenue was just $1 million, as deliveries of its first EV began in September. Rivian had a net loss of $1.2 billion and an adjusted operating loss of 776 million.
Business Insider has an original article.
