Rivian sets a 10 per cent market share goal by 2030

Rivian’s Chief Executive R.J. Scaringe said that the startup automaker is aiming to take a 10 per cent share in the EV market by 2030.

The goal comes as Rivian is making progress in increasing their production lines at their Normal, Illinois assembly plant.

During a Wolfe Research conference on Thursday, Sacringe also noted that the global semiconductor chip shortage was the most painful constraint the company faced in 2021 and 2022.

Rivian came up short on their 2021 production target by 185 vehicles.

The automaker is facing numerous challenges in terms of hitting its production targets.

In December, Scaringe outlined the company’s issues with supply chain constraints, COVID-19, a tight labour market and short-term problems with building EV battery modules.

In response to these issues, and the company missing their production mark, Rivian shares slumped.

However, even with these challenges, demand for the Rivian R1T and R1S continues to be strong.

After these positive comments at the conference, Rivian shares shot up and closed up 10.7 per cent.

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