Electric vehicle (EV) manufacturer Rivian Automotive has reported to shareholders that its losses for the first quarter of 2023 were significantly less than expected, signaling an upturn after the company's rocky end of 2022. The company claims it is still on track to meet its production goal of 50,000 vehicles.
After the coronavirus impacted supply chains all over the world, Rivian only had to face the issue of making enough vehicles. However, delivering them to customers fast enough — in addition to competing with Tesla and other big-name car manufacturers directly that have started putting out EVs — has proven to be a challenge.
While 50,000 vehicles is just more than double the number of EVs that Rivian was able to manufacture last year, the company anticipates that cutting costs and decreasing delivery time will help it reach its goal. While last year, customers had to wait one to four months for their vehicles, Rivian expects to decrease wait time to 14 days or less.
Transportation is one of the leading causes of climate pollution in the U.S., and more EVs means less air pollution from gas- and diesel-powered vehicles.
MotorTrend gave the Rivian R1T the Truck of the Year award in 2022, citing it as the "most energy-efficient pickup truck on the market." This looks good for Rivian's future in the EV market, with buyers interested in the impact the company's vehicles will have on the environment while also craving a bigger truck.
"If the planet is to continue to sustain life and enchant future generations, we have to change," reads Rivian's website company page.
Rivian plans to be a part of that change by following a company-wide sustainability strategy to eventually reach net-zero carbon emissions — which means achieving a balance between polluting gases produced and the amount removed from the atmosphere.
The website claims: "Rivian has signed the Climate Pledge to reach that goal by 2040 – 10 years ahead of the Paris Agreement."
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