According to Reuters, Rivian‘s Chief Executive Officer R.J. Scaringe said that the company is “making progress” in the increase of production for electric vehicles at its Normal, Illinois, assembly plant and is aiming to take 10% share in the EV market by 2030. The global semiconductor chip shortage is seen by Scaringe as the “most painful” constraint in the push to build production.
Responding to a question about how big Rivian could become by 2030, said the company had the brand position “to build out a portfolio … to allow us to really work toward building a position of 10% market share within the EV space.” Scaringe said Rivian had replaced some chipsets in certain parts with other chipsets that are easier to get. He said the global shortage would be a factor through the rest of the year.
We’re absolutely making progress. The plant is starting to ramp nicely.
Scaringe, during a Wolfe Research conference
Earlier this month, the company hired Tim Fallon to be the new Vice President of Manufacturing. Fallon previously worked at Nissan, where he was vice president for manufacturing at the company’s assembly plant in Canton, Mississippi. Tim Fallon worked with Nissan for more than 16 years having 6 different roles before reaching the Manufacturing VP position.
According to SEC’s filling document unveiled recently, George Soros’ Fund Management, revealed a new stake in electric truck Rivian Automotive valued at $2 Billion. However, with the recently decrease of the stock price, the investment worths noe around $1.17 billion.
Recently, the company said it expects to soon be delivering as many as 200 electric R1T pickup trucks per week – quadrupling its production rate from where it was some weeks ago, and putting it on track to surpass 10,000 pickups manufactured this year.
Last December, the company recently announced that COO (Chief operating officer) departed from the company. Rivian Automotive, Inc. produced 1,015 vehicles by the end of 2021. 920 vehicles were delivered by that date. The company had warned last month that would likely fall a few hundred short of its goal to build 1,200 vehicles last year.