Rivian ‘making progress’ on production ramp-up, sets market share goal

Rivian Automotive Inc. is “producing development” in the improve of manufacturing of electrical motor vehicles at its Typical, Unwell., assembly plant and is aiming to choose 10 % share in the EV marketplace by 2030, CEO RJ Scaringe mentioned on Thursday.

“We’re certainly making progress,” he mentioned all through a Wolfe Research convention of the drive to increase car production. “The plant is commencing to ramp nicely.”

Rivian shares shut up 10.7 % to $63.71.

Scaringe, responding to a question about how massive Rivian could turn out to be by 2030, said the business experienced the model situation “to create out a portfolio … to make it possible for us to definitely perform towards constructing a situation of 10 p.c market place share in the EV house.”

He known as the global semiconductor chip lack the “most painful” constraint in the push to build output. The California-primarily based startup generated 1,015 automobiles very last 12 months, coming up brief of its goal of 1,200 because of to provide-chain constraints.

Rivian’s inventory slumped just after it outlined in the course of its very first quarterly earnings report as a community enterprise its struggles with the manufacturing of its R1T pickup and R1S SUV. It also has a agreement to establish 100,000 electric powered shipping and delivery vans by 2025 for Amazon.com, which has a 20 p.c stake in Rivian.

Back in December, Scaringe pegged generation difficulties to world offer-chain constraints, the COVID-19 pandemic, a tight labor market and limited-term challenges around developing electric powered battery modules.