Electric vehicle (EV) startup Rivian Automotive Inc. said it is on track to produce 25,000 vehicles in 2022.
The company announced its production totals for the second quarter of 2022 when it produced 4,401 vehicles at its manufacturing facility in Normal, Illinois.
Rivian is one of the many startups that have emerged to compete with Tesla Motors after it found tremendous success focusing on EVs only. Rivian received a $500 million equity investment in 2019 from Ford Motor Company that at time was betting on the investment to help with its EV expansion.
At the time, the investment was in addition to Ford’s existing plans to develop a fleet of its own battery EVs. Of course, Ford has significantly upped its investment into EVs with a $22 billion electrification investment through 2025 and will make EVs its primary models as it discontinues many of its gas- and diesel-powered vehicles.
While Ford will continue to sell gas- and diesel-powered vehicles in the U.S. even after 2035, it will only sell all-electric vehicles in Europe by 2030.
Rivian along with other EV startups such as Lucid Motors, Fisker, Faraday, Byton and many more have emerged in the automotive industry to grab a piece of the pie as electrification is the biggest transition in vehicle history. Given the success of Tesla, these startups are hoping to replicate its success, but traditional automotive original equipment manufacturers have the funding to accelerate all development.