Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls

Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. Here’s how Rivian performed in the period, compared with analysts’ estimates as compiled by Refinitiv:

• Adjusted loss per share: $1.73 vs $1.94 estimated
• Revenue: $663 million vs. $742.4 million estimated

In November, the company reaffirmed its full-year guidance of an adjusted loss before income, taxes, depreciation and amortization of $5.4 billion. But that was before the automaker missed its 2022 production target, sending shares to hit a new 52-week low.

Rivian stock closed Tuesday at $19.30 a share, up 4.6%. Following the results, the stock was down by about 5% during afterhours trading.

For 2023, Rivian forecast vehicle production of 50,000 vehicles. That would be roughly double last year’s amount but below many analyst expectations of around 60,000.

The results follow difficult times for the electric vehicle startup that have included slower-than-expected production, unexpected pricing pressure and plans to lay off 6% of its workforce in a bid to conserve cash.

Rivian is focusing on ramping up production of its R1 truck and SUV as well as an electric delivery van it builds for Amazon, its largest individual shareholder.

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