Rivian aims to produce at least 1 million EVs per year by 2030

Rivian aims to produce at least 1 million EVs per year by 2030

After successful launch of its initial public offering (IPO), electric vehicle (EV) manufacturer Rivian has billions of dollars on top of previously raised funds to expand its business. After the recent successful IPO, Rivian has approximately $12 billion on top of $10.5 billion that it raised previously from early investors. The manufacturer now aims to grow its business quickly to reach an annual production volume of at least 1 million EVs by 2030.

The target of reaching a production volume of at least one million EVs per year by the end of current decade has been revealed by Rivian’s chief executive officer (CEO) R.J. Scaringe.

Responding to a question in an interview ahead of Rivian's market debut on the NASDAQ on Wednesday, Scaringe said, “We better be growing at least that quick; certainly before the end of the decade is how we think about it.”

Currently, the Irvine, California-headquartered EV manufacturer has only one manufacturing site in Normal, Illinois. It was acquired by the company many years ago from Mitsubishi. To make it capable of EV production, the facility was upgraded and modernized. Technically, this facility is equipped to produce a maximum of 150,000 EVs per annum. Following a planned upgrade, it will be capable of producing 200,000 units annually.

Thus far, the company has announced three EVs: the Rivian R1T and Rivian R1S and the Rivian EDV. The Rivian R1T is an all-electric, battery-powered, light duty pickup truck; while the seven-passenger 2022 Rivian R1S sports utility vehicle (SUV). The Rivian EDV is a fully-electric delivery van, designed and developed for commercial use. Amazon, the e-commerce giant which is the company's largest shareholder with a stake of around 20 per cent, has placed a big order for the zero-emission delivery vans to cut its carbon footprint. More precisely, Rivian has signed a contract to manufacture 100,000 electric delivery vans for thee-commerce giant by the mid of current decade (2025).

CEO Scaringe explained that the company’s Normal, Illinois-based plant line dedicated to building the electric vans for Amazon has been designed to build other vehicles as well. He added that the facility has head room above and beyond the e-commerce’s needs.

All of these three EVs will be manufactured at the company’s Normal manufacturing plant. The R1T production has been ramping up since the month of September, while the other two EVs will enter the production lines in December this year.