Rivian Automotive announced on Wednesday that produced 4,401 vehicles at its manufacturing facility in Normal (Illinois) during the second quarter of 2022 and the delivery of 4,467 vehicles. The electric vehicle maker said the numbers are “in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.
Last week, RBC Capital analyst Joseph Spak released a new note reiterating the $77 price target and the Outperform rating on Rivian shares. The analyst expects Rivian to deliver 3,600 vehicles in the second quarter, slightly above the consensus estimates.
“We expect RIVN to report 2Q22 deliveries in early July. Current 2Q22 Visible Alpha consensus stands at 3.5k (RBC at 3.6k). Based on our RBC Elements powered normalized foot traffic data which attempts to track the pace of production at RIVN’s Normal plant, we believe current expectations for 2Q22 deliveries look very reasonable. Further, we believe the current pace of production may be back near the highs.”
BE THE FIRST ONE TO GET THE NEWS
Recently, Rivian announced that opened three fast charging sites this week in Colorado and California, “the first deployments in its nationwide Rivian Adventure Network”.
In mid-June, the company unveiled its plans for a large-scale wind turbine at its Normal manufacturing campus to provide clean energy enabling new R1 vehicles to be powered by renewables for their first charge. Earlier this year, Rivian had installed a 783-kilowatt solar canopy that is scheduled to begin generating electricity later this summer.
The wind project aligns with Rivian’s strategy of adding renewable resources to parts of the country that need them most Illinois’ grid is powered by 11% renewables and aims to reach net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement, the company stated.
Recently, Rivian Automotive Field Specialist Patrick Sarsgard unveiled that the EV manufacturer just opened a new service center located in Boston. In the same post, Sarsgard said that the U.S. electric vehicle maker is “actively delivering on the East Coast”. During Q1 2022 Earnings, Rivian reiterated its forecast to produce 25,000 vehicles in 2022.