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Rivian to Produce 1 Million EVs a Year by 2030, CEO Says

Rivian Automotive Inc. (Nasdaq: RIVN) CEO R.J. Scaringe told Reuters that the company will be producing a million EVs every year by 2030, with the expectation that the company will grow its production capacity to millions a year after then.

The Irvine-based EV maker also plans to expand its commercial fleet with vehicles smaller than the EDV-700, which it unveiled for Amazon on Thursday. The vehicles could share features with Rivian’s R2 electric crossover, scheduled for production in 2025 at its new $5 billion Georgia plant, Scaringe said.

“We’re thinking about many other aspects of the commercial space outside of last-mile delivery (including) cargo and work vans,” Scaringe told Reuters. “There will be additional facilities that will allow us to go into these different markets and scale up,” he added.

Shares for Rivian were up 4.3% at $34.13 per share and a $30 billion market cap.

For more on Rivian and its local footprint, see the July 25 print edition of the Business Journal.

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