Rivian sticks with EV target

NEW YORK: Rivian Automotive Inc stuck with its plan to build 25,000 electric vehicles or EVS this year even as supply-chain snags weigh on its manufacturing operations and revenue missed expectations.

The company built 7,363 vehicles in the third quarter, up 67% from the prior period, according to a statement. Rivian, which has a plant in Normal, Illinois, said that demand remains strong and preorders for its R1 vehicles climbed to 114,000 from about 98,000 in the second quarter.

“The demonstrated production rates within our Normal factory continue to give us confidence in our systems, equipment and team members’ ability to ramp our production lines,” the Irvine, California-based company said in the statement.