Rivian confirms its 2022 EV production target despite supply problems.

Amazon has ordered 100,000 delivery trucks, but Rivian was reluctant to say how many delivery trucks it has shipped. On Wednesday, it said it was only “increasing production and deliveries.” In a conversation with analysts, Mr Scaringe said he expects vans to make up about a third of the 25,000 vehicles in the 2022 production forecast.

In many ways, Rivian epitomizes the sharp transition to a bearish trend in the stock market this year.

In November, investors piled on the company’s IPO, which raised $13.5 billion, and then its shares skyrocketed, briefly giving Rivian nearly as large a stock market value as Ford Motors and General Motors combined.

But the stock has fallen this year after the company lowered its production targets. The 80 percent drop in Rivian’s stock is much steeper than the 31 percent drop in Tesla’s stock over the same period and the 38 percent drop in Ford, which is launching its own electric truck.

Rivian manufactures vehicles in Normal, Illinois and is planning another factory in Georgia. Building and operating assembly lines requires huge amounts of cash; therefore, new auto companies may face serious financial difficulties when production is delayed and sales are inadequate. Even Tesla, which sells more electric cars than any other company, has sometimes noticed its funding dwindling.

In the first quarter, Rivian used $1.45 billion in cash to run its business and invest in new facilities and equipment, much more than the $800 million it consumed in the first quarter of 2021. The company had $16.4 billion in cash on its balance sheet. at the end of the first quarter, it fell from $18.1 billion at the end of last year.

The drop in Rivian shares has devalued shares held by its largest shareholders. Amazon’s 18 percent stake fell to $3.2 billion from $16.8 billion at the start of the year. Ford, another early investor, sold some of his shares Monday, and his remaining stake is worth $1.9 billion. It would have been worth $9.7 billion at the end of last year.

Rivian says it has received more than 10,000 orders for its truck and SUV after raising prices in March. The company added that the average price for these orders is over $93,000.

But as Rivian’s vehicles sell for relatively high prices, analysts wondered how much demand there would be if inflation continued to deplete households’ spending power. “We’ll see how much appetite consumers have for the price tag of a Rivian,” said Mr. Nelson.