Tesla competitor Rivian gets its manufacturing problems under control. In the past quarter, production increased by around 50 percent to 13,992 vehicles within three months, as the company announced on Tuesday. Rivian has now increased its production target for this year from 50,000 to 52,000 vehicles.
Tesla delivered a good 466,000 vehicles worldwide in the past quarter alone. However, with its electric pick-ups and SUVs, Rivian is active in a market segment that is popular in the USA and that Tesla has not yet tapped into. The electric pioneer is just about to ramp up production of its electric pickup "Cybertruck".
In the past few quarters, Rivian had been slowed down by problems in the supply chain, among other things. The company also builds electric delivery vans for Amazon - and the world's largest online retailer is an investor. Rivian's quarterly loss fell to about $1.2 billion from $1.7 billion a year ago. Revenue increased year-over-year from $364 million to $1.12 billion.