Rivian is sticking to its production target of 50,000 electric vehicles for 2023, despite a Bloomberg report that claimed the company’s executives said the number could be as high as 62,000.
As clarified by a Rivian spokesperson, the 62,000 figure came up during an internal meeting but was taken out of context. Bloomberg, however, later claimed the higher figure was given during a meeting on the company’s production masterplan for the year.
The spokesperson did not specify the correct context for Bloomberg’s number.
While Rivian was looking to produce 50,000 units, analysts were expecting 67,170, even higher than the figure from Bloomberg. Rivian cited supply chain problems as constraints and expects the issue to persist through 2023.
Meanwhile, investors are concerned about weakening demand for EVs amid rising rates and fears of recession, both of which can make buyers postpone or even cancel purchases.
Rivian’s shares closed 7.6% higher at US$16.92 on Friday. The Bloomberg report had fuelled an 11% rise in the stock price.
Rivian produced 24,337 units in 2022, a bit below the revised guideline of 25,000, at a loss of $6.75 billion. The EV maker originally projected 50,000 vehicles last year but was forced to halve it thanks to supply constraints.