Tesla rival Rivian's stock sinks 10% after the EV maker's output forecast comes in well below expectations
The guidance on output implies Rivian could see a significant cut to its 2023 revenue estimates, analysts said.
The company posted fourth-quarter revenue of $663 million, up from $54 million a year ago but still missing analyst expectations for just over $742 million, per Refinitiv data. Its quarterly loss per share of $1.73 was narrower than the Wall Street estimate of $1.94 per share. last year, which it said was 24,337 vehicles — slightly below its 25,000 guidance. But at the same time, its deliveries of vehicles last year were much lower, at 20,332.
"Supply chain continues to be the main limiting factor of our production; during the quarter we encountered multiple days of lost production due to supplier shortages," Rivian said in a . "We expect supply-chain challenges to persist into 2023, but with better predictability relative to what was experienced in 2022."12,700 of its vehicles, citing an issue with a sensor in the front passenger seat-belt system. It's the third major recall since the company went public in November 2021.
Rivian is the latest EV maker to cuts its production target for the year as bottlenecks limit manufacturing and interest rate rises squeeze borrowing. Its competitor Lucid said last week it
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