Rivian stands by production target for 2023 despite media reports | – #Rivian #stands #production #target #media #reports

March 3 (Reuters) – Rivian Automotive Inc ( RIVN.O ) said on Friday it was sticking to its official production forecast of 50,000 electric vehicles in 2023 after Bloomberg news reported executives told employees it could produce 62,000 units. this year.

A Rivian spokesman said the 62,000 figure was said in an internal meeting and taken out of context.

Bloomberg later said the figure was given at a comprehensive meeting as part of a “production master plan” for the year. A Rivian spokeswoman declined to comment on the context in which the number was issued or on the company’s master plan.

Earlier this week, the Irvine, Calif.-based maker of electric trucks and SUVs reported 50,000 units this year, below analysts’ estimate of 67,170 units, according to Visible Alpha. car he said he aims to produce.

The company, the pandemic and the evil that hinders production weather citing ongoing supply chain crunches caused by its conditions, he added, adding that he expects the problems to continue into 2023.

Investors are also worried about weakening demand for electric cars as rising interest rates and fears of a looming recession push customers to look for deals or even hold off on purchases.

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Rivian shares rose 7.6% to $16.92 on Friday after rising more than 11% on a Bloomberg report.

Reporting by Abhirup Roy in San Francisco and Eva Matthews in Bengaluru Editing by Peter Henderson, Bill Berkrot and Matthew Lewis

Our standards: Thomson Reuters Trust Principles.

2023-03-05 00:15:45
Source – reuters

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