Following a fortnight of negative forecasting around the EV market by the likes of Ford and Toyota, and Tesla slashing prices to drive demand, truck maker Rivian says it plans to sell more vehicles this year
Rivian Automotive raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs on Tuesday, sending its shares up 4% in volatile after-hours trading.
“I’m actually surprised to be honest at how much we’ve seen others pull back,” Rivian Chief Executive RJ Scaringe said in an interview with Reuters. “I think it’s going to create, unfortunately, somewhat of a vacuum of products in the market.”
He said that “shifts in buying behavior beyond the tail end of 2023” were not influencing Rivian’s investment strategy for cheaper R2 vehicles that the company expects to launch in 2026.
He was speaking Tesla CEO Elon Musk said he was concerned about the impact of high interest rates on car buyers, amid similar sentiments from General Motors and Ford in the USA
Rivian is not a mass player in the EV market but a start up, looking to emulate Tesla, challenging established carmakers in the race for the growing EV market. The company’s pick-up trucks and SUVs are facing new competition from the likes of Ford, General Motors and Tesla, whose long-delayed Cybertruck is expected to begin deliveries this year.
About Tivian Automotive, Inc.
Rivian is an American electric vehicle manufacturer and automotive technology and outdoor recreation company founded in 2009. Rivian produces an electric sport utility vehicle (SUV) and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies. An electric delivery van (Rivian EDV) is also being produced as part of a partnership with Amazon, that deal is set to end. Rivian started deliveries of its R1T pickup truck in late 2021. The company plans to build an exclusive charging network in the United States and Canada by the end of 2023.
Rivian is based in Irvine, California, with its manufacturing plant in Normal, Illinois, and other facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia; Wittmann, Arizona; and Woking, England. Rivian has plans to build another US$5 billion factory in Georgia. The company raised over US$13.5 billion in financing following its IPO in November 2021. Discover the company HERE
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