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Rivian EV Georgia Plant TNI

Rivian’s Shares Fall 10% As It Warns of Supply Issues In 2021

Rivian EV Georgia Plant TNI

TNI || New Delhi || 18th Dec 2021

After Rivian Automotive Inc’s first results were out as a listed company, the shares fell 10 percent as it had highlighted challenges, which it is likely to face when it comes to ramping up production and taking EV leader, Tesla Inc head-on.

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Notably, the company has also announced its plans to erect a $5 billion plant to enhance its capacity while also flagging challenges even though they have been receiving around 2000 orders almost every week.

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As per Joseph Spak, RBC Capital Markets analysts, although they don’t want to read too much in the short-term issues, Rivian does have a lot of risk on its plate.

The company is already expecting a shortfall of a few hundred vehicles in its 2021 target of 1200 vehicles because of supply chain issues.

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According to CEO, RJ Scaringe, it is a complex orchestra considering the increase in production of Amazon delivery vans, R1T trucks as well as R1S SUVs. Significantly, construction of the new Georgia plant will start next year, and the production from it will begin only in 2024.

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Rivian also has plans to elevate production to 50000 vehicles in its Illinois plant. Tesla’s Elon Musk has already called the current scenario Production Hell, and it will be interesting to see if Rivian survives the challenges and doubts.