[Source: Green.Org] In September 2021, Rivian announced that they would be bringing their fully electric pickup truck to consumers. But now, as we see more companies roll out their electric trucks, Rivian is facing stiff competition.
With 2023 approaching, there is the Tesla Cybertruck, the Hummer EV, Chevy Silverado EV, and Ford Bronco hybrid, and Rivian is starting to face some stiff competition.
In recent months, they’ve experienced challenges stemming from a global auto part shortage and increasing material prices and lost a total of $1.7 billion dollars in the third quarter. The company still anticipates that it’ll have enough funds to get them through 2025.
Rivian has set ambitious end-of-year production goals, ensuring investors that they’ll reach 25,000 vehicles by 2023; As of September 2022, the company has developed approximately 15,000 vehicles.
With three months left in the year, this seems like a lofty goal, but luckily they’ve been successful in ramping up production rates from 78 vehicles per week to 566 vehicles per week in the third quarter. Electric is the future, so Rivian is willing to take a financial hit now in hopes that it will pay off in the future.
While some electric vehicle companies have skyrocketed to success, others have crashed and burned.
Source: Green.Org
November 22, 2022
