EV maker Rivian reveals struggles with parts shortages and other manufacturing hiccups as it tries to ramp up production. “The belief was that Rivian could do a lot better in 2023,” one analyst says.
Shares of Rivian Automotive Inc. dropped more than 8% in after-hours trading Tuesday after the electric-vehicle maker narrowed its quarterly loss but missed revenue expectations and revealed struggles with parts shortages and other manufacturing hiccups as it tried to ramp up production.
The company faced “multiple days of lost production” due to the supplier shortages, and the “challenges” expected to persist into 2023. The company guided for the production of 50,000 vehicles in 2023. Rivian produced 24,337 vehicles in 2022, just under guidance of 25,000 vehicles for the year. “The belief was that Rivian could do a lot better in 2023,” the analyst said. Many on Wall Street expected that supply-chain issues were in the rear-view mirror, Nelson said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rivian stock sinks after earnings miss, weak outlookRivian lost $1.7 billion, or $1.87 a share, in the recent quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year. Sales were below expectations. $RIVN dropped in after-hours trading:
Read more »
Rivian sees 2023 production well below estimates, recalls over 12,700 vehiclesRivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles.
Read more »
Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock fallsThe results follow slower-than-expected production, unexpected pricing pressure and plans to lay off 6% of its workforce in a bid to conserve cash.
Read more »
Rivian Burning Through Cash, Demand Is A Concern Going ForwardOn the heels of its Q4 earnings, Rivian is struggling with cash and the demand for its EVs. It doesn't look like it's going to get easier in the near term.
Read more »
Rivian R1T, Mini Cooper Electric owners happiest with their EVsThe J.D. Power 2023 U.S. Electric Vehicle Experience (EVX) Ownership Study shows Rivian R1T and Mini Cooper Electric owners are the happiest.
Read more »
Rivian R1T And Mini Cooper SE Top JD Power US EV Experience StudyThe Rivian R1T earns the top score overall and overtakes the Tesla Model 3 in the premium segment. Meanwhile, the Cooper SE grabs the win for mass-market EVs.
Read more »