Electric vehicle maker Rivian Automotive on Wednesday maintained its 2022 production target, saying it’s still on track to build 25,000 vehicles this year, as it reported a jump in reservations and a first-quarter loss that was slightly narrower than Wall Street had expected.
Rivian said it now has over 90,000 reservations for its R1-series truck and SUV, up from 83,000 as of its last update in March. That total includes about 10,000 new reservations made since it raised prices at the beginning of March, it said, at an average purchase price of over $93,000.
But it may be a while before Rivian fills those most recent orders. The company said it has lost “approximately a quarter” of its planned production since the end of March due to tight supplies of some critical components, including semiconductor chips. Rivian’s Illinois factory will have a capacity of up to 150,000 vehicles per year once its production line is running at full speed.