Rivian’s “Production Master Plan” Targets 62,000 Vehicles in 2023 & Sparks Speculations

Rivian has reportedly informed its employees that it can produce 62,000 electric vehicles in 2023, according to anonymous sources.

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The announcement comes just after the company had revealed a 50,000-unit production forecast for 2023, which brought disappointment in the market.

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Experts had expected Rivian to aim for 60,000-65,000 units, and the lower forecast plunged the stock prices by 10%.

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The new details were shared in an all-hands meeting on March 3 as part of a “production master plan” for 2023.

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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.

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However, Rivian has not come out and officially revised its public production guidance, and hence it remains at 50,000 units.

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A company spokesperson has suggested that the 62,000 figure was taken out of context, but also did not provide further details.

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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.

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Even after the positive response to the production news, Rivian’s stock prices have not fully recovered.

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