Rivian Automotive Inc on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints.
on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints." in February, CEO R.J. Scaringe had flagged that the company did not have components to fully run its Normal, Illinois, plant across all lines and multiple shifts.
Rivian produced 9,395 vehicles at its Normal plant in the quarter ended March, compared with Visible Alpha's consensus estimates of 10,030 vehicles. In the fourth quarter, it built 10,020 vehicles. "We expect full-year production to be back-end weighted due to supply constraints...and the commercial line downtime we're taking in Q1 2023," finance chief Claire McDonough said on an earnings call in February.annual production targetNelson said the sequential decline in production and deliveries reflect a "step in the wrong direction for an EV manufacturer considered an early-stage growth company".
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