Orange County Register: Rivian’s SUV Production Exceeds Pickup Truck Volume

By Ed Ludlow and Chester Dawson | Bloomberg

Rivian Automotive Inc. is making impressive strides in the production of its electric SUV, with projections indicating that it will surpass the production of their plug-in pickup this quarter, according to the company’s CFO.

Based in Irvine, the EV manufacturer has faced some obstacles in its manufacturing process for its initial models. However, they anticipate manufacturing around 50,000 vehicles this year, doubling their production from 2022. Alongside the battery-powered R1S SUV and R1T pickup, Rivian also produces an electric van for Amazon.com Inc., one of its prominent shareholders.

CFO Claire McDonough stated during a Deutsche Bank AG conference that they have made significant progress in the ramp-up of R1S and expect it to constitute the majority of their production volume this quarter. The CFO explained that around 70% of Rivian’s pre-orders are for the SUV, and the increased output is partially due to their in-house development of a two-motor powertrain called Enduro. This has allowed them to alleviate the supply chain bottlenecks caused by the semiconductor shortage. McDonough mentioned that they have recently begun producing two-motor SUVs.

Currently, the R1S is one of the few three-row battery-powered SUVs available in the US market, competing with Tesla Inc.’s Model X and Model Y. However, major traditional automakers such as Ford Motor Co., General Motors Co., and Toyota Motor Corp. have all announced plans to enter this segment.

For more information, read: Toyota Plans 3-Row Electric SUV for Its First US-Made EV Model

Rivian’s stock witnessed a 3.4% increase in regular trading, closing at $15.24 in New York on Thursday. Although the stock has experienced a 17% decline this year.