Rivian has reportedly informed its employees that it can produce 62,000 electric vehicles in 2023, according to anonymous sources.
The announcement comes just after the company had revealed a 50,000-unit production forecast for 2023, which brought disappointment in the market.
Experts had expected Rivian to aim for 60,000-65,000 units, and the lower forecast plunged the stock prices by 10%.
The new details were shared in an all-hands meeting on March 3 as part of a “production master plan” for 2023.
The 62,000-unit target are close to the average of estimates compiled by Bloomberg, and could ease investor concerns about the company’s ability to meet demand.
However, Rivian has not come out and officially revised its public production guidance, and hence it remains at 50,000 units.
A company spokesperson has suggested that the 62,000 figure was taken out of context, but also did not provide further details.
Rivian’s only factory in Irvine, California has a maximum capacity of 150,000 vehicles per year, and the company is planning to open a second factory in 2026.
Even after the positive response to the production news, Rivian’s stock prices have not fully recovered.
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