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Rivian on track to meet production target of 25,000 vehicles -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Rivian’s logo is visible on the new R1T electric truck, Mill Valley, California. This was taken January 25, 2020. REUTERS/Nathan Frandino/File Photograph

(Reuters) – Rivian Automotive Inc, a maker of electric vehicles, said Tuesday that it was on track to meet its production goal for 25,000 units this year. This sent its shares up 2.4% during extended trading.

It claimed it made 2,553 vehicles, and had delivered 1,227 cars during the first quarter. After receiving its R1T pickup truck at the close of the third quarter, it produced 1,015 cars and shipped 920 of them last year.

Rivian stated last month supply-chain problems could reduce its 2022 production by half, to approximately 25,000 vehicles.

Company has an Illinois factory that currently produces the R1S utility vehicle, R1T pickup truck, and delivery vans for Amazon.com Inc customers and investors (NASDAQ:).

Rivian said that it plans to expand the annual factory capacity to 150,000 units by 2023.

Rivian will soon open a second facility near Atlanta in 2024. This plant will build approximately 400,000 vehicles per year, and make batteries.

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