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EV Stock Bite: Rivian Automotive, Inc. (NASDAQ: $RIVN) Soars on Q1 2022


May 12, 2022 - ( EV Stock News Bites - Rivian Automotive, Inc. (NASDAQ: RIVN) has published a letter to its shareholders containing the company's first quarter 2022 financial results.

Excerpt from shareholder letter :

Our primary objective this year is to ramp production of the R1T, R1S, and EDV vehicles. As of May 9, 2022, we produced ~5,000 vehicles since the start of production.

This production ramp requires our equipment, people, systems, and supply chain to operate in unison. Our team is progressing well as we prepare to introduce a second shift toward the middle of this year. Given the component constraints that have been limiting us to date, we have used more of a batch or burst build process to validate that our processes, systems, and equipment are achieving the intended cycle times.

Since the beginning of the year, the demonstrated sustained production rate of our production lines has tripled.

Supply chain continues to be the bottleneck of our production. This challenge has continued across a small handful of technical components such as semiconductors, as well as a few non-semiconductor components. Since March 31, 2022, we have been forced to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints.

Encouragingly, as we demonstrate our production ramp, our suppliers are leaning in to help ensure we can achieve our targets.

Read the company's full shareholder letter and disclaimer here:

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