George Soros backs bet on Rivian as Ford brings bad news

Rivian RIVN) – Get Rivian Automotive, Inc. Class A Report got scared, but the electric vehicle manufacturer made up for it.

The fledgling manufacturer of electric SUVs and pickups has just cleared some of the many doubts about its near-term future.

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

“Based on our latest knowledge of the supply chain environment, we reaffirm the annual forecast provided during our fourth quarter and fiscal year 2021 for the earnings call of 25,000 total manufacturing units,” the company said in a letter to its shareholders.

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