Electric vehicle startup Rivian, which is backed by Amazon.com, has a much-anticipated prospect. Rivian CEO R.J. Scaringe said on the 24th that the Normal, Illinois, assembly plant is gradually expanding production, with the goal of grabbing 10% of the market by 2030.
Reuters reported that Scaringe attended the 2022 Wolfe Research Global Automotive Industry Conference on the 24th, saying that the Normo plant has made progress in increasing the production of electric vehicles, and hopes to achieve a 10% market share in the electric vehicle market in 2030.
On the 24th, Rivian’s shares soared 10.74% to close at $63.71.
Scaringe mentioned that the continuous shortage of global automotive chips is the most important factor limiting the scale of production expansion. Rivian’s actual production in 2021 is 1,015 units, 185 units less than the original target of 1,200 units, citing supply chain bottlenecks and battery production constraints.
Scaringe pointed out that Rivian is building its own battery production line, then trial production, and plans to jointly invest in production with suppliers. The current Rivian battery supplier is Samsung SDI. He also said that Rivian will work to ensure the safe supply of key battery raw materials such as lithium and nickel.
Amazon is Rivian’s big financier, holding 20% of Rivian’s shares. Rivian has signed a contract with Amazon to produce 100,000 electric vans for Amazon by 2025.
In November 2021, Rivian was listed on the US stock market, and the IPO raised $13.7 billion, the largest IPO since 2014. On the fifth trading day of its listing, Rivian’s stock price hit a record closing high of $172.01, once becoming the world’s third most valuable automaker, after Tesla and Toyota.