Production of the electric Rivian R1T pickup truck on April 11, 2022 at the company’s plant in Normal, Ill.
Michael Welland / CNBC
electric vehicle startup Rivian Automotive said it produced over 4,000 vehicles in the second quarter and is on track to build 25,000 vehicles in 2022.
Shares, or Rivian, were up nearly 10% at $29.53 in morning trading.
Rivian said in a statement that it produced 4,401 of its electric R1T pickups and R1s SUVs in the quarter and delivered 4,467 vehicles to customers during the period. The company did not break down production or delivery by model.
The company had said in its IPO roadshow last year that it expects to manufacture 50,000 vehicles in 2022. but this halve that guidance in March, adding that ongoing global supply-chain issues “added a layer of complexity” to its efforts to ramp up production. The company said on Wednesday that it still expects to make 25,000 vehicles this year.
Although still small, the market for electric pickups is expected to grow rapidly over the next few years. ford motor said on Tuesday It sold 1,837 of its electric F-150 Lightnings in JuneAnd it has totaled 2,296 sales since starting production at the end of May.
From the start of production in late 2021 to the end of June, Rivian produced a total of 7,969 vehicles.