Rivian’s CEO, RJ Scaringe, sat down with Bloomberg to discuss the company and where Rivian is going.
In the discussion, Scaringe noted that the company is happy with its current production levels, and its supply chain is finally healthy and able to keep up with demands. Much of the success to sure up the supply chain is attributed to Rivian’s new in-house motor, the Enduro. The new tech supplements the Robert Bosch GMBH motor facing significant backlogs which slowed R1S production.
When we sourced the power semis for the inverter in Enduro, we sourced thoughtfully. That gave us enough capacity and confidence around our supply chain.
Scaringe also confirmed that Rivian is in the final stages of negotiations with Amazon to sell its electric delivery vehicle to other commercial entities. So far, Rivian has delivered roughly 5,000 of the contracted 100,000 delivery vehicles to Amazon. This week the electric delivery vans expanded to Europe, with more than 300 units rolling out in Germany.
Rivian had an excellent Q2 and exceeded expectations in terms of deliveries and production. The goal is still to produce fifty thousands vehicles, but according to some, the company could beat that production target.
Rivian shares were up as a result of the news and interview. Overall, the shares are up over 40 per cent over the last week.