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California-based electric vehicle (EV) maker Rivian said it beat the estimated deliveries for the first quarter of 2023, sending a positive signal for the investors. The company also said it is on track to meet its annual production targets.
The EV maker delivered 7,946 vehicles during the first quarter, beating the estimates by nearly 200. The production numbers were also green, with 9,395 vehicles, beating estimates of 8,752.
Rivian, which manufactures the R1T and R1S consumer vehicles and the EDV electric delivery van, expects to produce 50,000 units in 2023. It was previously suggested that the company might manufacture around 62,000 units. However, the company downplayed the development, calling it a communications error.
Amazon is one of the more prominent corporate clients, with over 3,000 EDV electric delivery vans already in the retail giant’s delivery fleet.
Related: Ranked Top 17 Best Stock Chat Rooms Right Now in 2023
Rivian is Fixing Issues
In 2021, the company’s total production was around 25,000 vehicles. The low numbers were mainly due to a shortage of essential components. Other production issues were also with the company’s lone production facility in Normal, Ill.
Rivian is focusing on assembling its manufacturing engineering teams in the headquarters in Irvine or at the factory in Normal. The move should help remove any communication delays and help remove friction from the production process.
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