Rivian Produced 2,553 Vehicles in Q1 2022

Rhea-AI Summary

Rivian Automotive, Inc. (NASDAQ: RIVN) reported production totals for Q1 2022, manufacturing 2,553 vehicles and delivering 1,227. The figures align with the company's expectations and support its goal of achieving 25,000 annual vehicle production, as discussed during the fourth quarter earnings call on March 10, 2022. Rivian emphasizes its commitment to producing electric vehicles and advancing the transition to carbon-neutral energy.

Positive

• Produced 2,553 vehicles in Q1 2022.
• Delivered 1,227 vehicles, in line with expectations.
• On track to meet annual production guidance of 25,000 vehicles.

Negative

• None.

IRVINE, Calif.--(BUSINESS WIRE)-- Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter ending March 31, 2022. The company produced 2,553 vehicles at its manufacturing facility in Normal, Illinois and delivered 1,227 vehicles during the same period. These figures are in line with the company’s expectations, and it believes it is well positioned to deliver on the 25,000 annual production guidance provided during its fourth quarter earnings call on March 10, 2022.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our production ramp-up and anticipated production levels. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

About Rivian:

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at www.rivian.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220405006225/en/

Investors: ir@rivian.com

Media: Amy Mast, media@rivian.com

Source: Rivian Automotive, Inc.

FAQ

What were Rivian's production totals for Q1 2022?

Rivian produced 2,553 vehicles and delivered 1,227 in Q1 2022.

Is Rivian on track to meet its annual production target?

Yes, Rivian is positioned to meet its target of 25,000 vehicles for the year.

What is the significance of Rivian's production figures?

The production figures align with company expectations, indicating operational consistency.

When did Rivian announce these production totals?

Rivian announced the production totals on April 5, 2022.

What is Rivian's stock symbol?

Rivian's stock symbol is RIVN.