EV creator Rivian missed its 2021 vehicle creation focus by 15%

Electric-vehicle startup Rivian delivered 1,015 vehicles in 2021, it said Monday.

That was simply more than 15% shy of its objective to deliver 1,200 R1T pickup trucks and 25 R1S SUVs.

Rivian opened up to the world in a blockbuster IPO in November and has reported designs to open a subsequent manufacturing plant.

Electric-vehicle startup Rivian barely missed its 2021 assembling targets, creating 1,015 vehicles, it said Monday.

Of the vehicles it created, 920 were conveyed to clients before the finish of 2021, Rivian said – again missing the mark concerning its objective to convey 1,000 R1Ts and 15 R1Ss.

The organization had cautioned in its second from last quarter investor letter, distributed in mid-December, that it probably won’t meet its creation targets, which it ascribed to inventory network interruptions.

We hope to be a couple hundred vehicles shy of our 2021 creation focus of 1,200, in any case, we are supported by the advancement and learnings our group keeps on fusing into our tasks, Rivian said in the letter, adding that its group was unbelievably engaged” on sloping up creation yield.

The organization began conveyances of its R1T in September and its R1S in December. By December 15, it had created 650 R1Ts and conveyed 384, and created and conveyed two R1Ss.

The organization had 71,000 preorders in the US and Canada for its R1T and R1S vehicles as of December 15, it said in its investor letter.

Rivian’s industrial facility in Normal, Illinois has ability to create 150,000 vehicles per year, yet the automaker has declared designs to support this to 200,000.

It’s additionally opening its subsequent plant, a $5 billion plant in Georgia.

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The organization additionally declared Monday that Rivian Chief Operating Officer Rod Copes resigned in December, The Wall Street Journal initially announced. His retirement had been made arrangements for months and his obligations have been consumed by Rivian’s administration group, an organization representative told the Journal.

Rivian opened up to the world in a blockbuster IPO in November with a market valuation of almost $100 billion. The organization’s exchanging debut was the 6th greatest ever on a US trade, raising $11.9 billion from its IPO by selling 153 million offers.