Rivian stock sinks after EV maker says it expects to deliver a modest 25,000 vehicles this year
Rivian Automotive expects to produce 25,000 vehicles this year, as the electric vehicle start-up battles through supply chain constraints and internal production snags.
The increase in production will come alongside an operating loss of $4.75 billion and capital expenditures of $2.6 billion this year, the company said Thursday when reporting its fourth-quarter results.
Here’s how Rivian performed, compared with analysts’ estimates as compiled by Refinitiv:
Adjusted loss per share: $2.43 vs. $1.97 a share expectedRevenue: $54 million vs. $60 million expected
Despite underperformance in financials, the real focus is on the company’s guidance for this year and any changes to the company’s previously announced plans amid global supply chain problems, Russia’s invasion of Ukraine and significant cost increases in crucial raw materials for its EVs.
For 2022, Refintiv consensus estimates put Rivian’s full-year adjusted loss per share at $4.97 and revenue at about $3.16 billion.
Wall Street is looking to Rivian’s customer reservations and progress in ramping up simultaneous production of three products at its plant in Normal, Illinois. The products include electric pickup and SUVs for consumers and an electric delivery van with first orders going to Amazon, which holds a 20% stake in the EV start-up.
Shares of Rivian, which went public in November, are down about 60% this year, after the company missed production targets for 2021. The stock hit a new 52-week low Thursday before closing at $41.16 a share, down 6.4% on the day.
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