George Soros backs Rivian bet as Ford delivers bad news

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Rivian (SHORE) – Get the Class A report from Rivian Automotive, Inc. was scared but the electric vehicle manufacturer made up for it well.

The young manufacturer of electric SUVs and pick-ups has just cleared some of the many doubts hanging over its short-term future.

The Irvine, Calif.-based company confirmed its production target of 25,000 vehicles in 2022, despite supply chain disruptions, chip shortages and soaring raw material prices. These problems made it difficult to increase production rates.

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“Based on our latest understanding of the supply chain environment, we reaffirm the full-year guidance provided in our fourth quarter and full year 2021 earnings call of 25,000 total units of production,” the company said in a letter to its shareholders.

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