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

Electric conveyance startup Rivian Automotive reported mixed fourth-quarter net and a lackluster accumulation outlook aft the doorbell Tuesday. Here's however Rivian performed successful the period, compared with analysts' estimates arsenic compiled by Refinitiv:

• Adjusted nonaccomplishment per share: $1.73 vs $1.94 estimated
• Revenue: $663 cardinal vs. $742.4 cardinal estimated

In November, the institution reaffirmed its full-year guidance of an adjusted nonaccomplishment earlier income, taxes, depreciation and amortization of $5.4 billion. But that was earlier the automaker missed its 2022 accumulation target, sending shares to deed a caller 52-week low.

Rivian banal closed Tuesday astatine $19.30 a share, up 4.6%. Following the results, the banal was down by astir 5% during afterhours trading.

For 2023, Rivian forecast conveyance accumulation of 50,000 vehicles. That would beryllium astir treble past year's magnitude but beneath galore expert expectations of astir 60,000.

The results travel hard times for the electrical conveyance startup that person included slower-than-expected production, unexpected pricing unit and plans to laic disconnected 6% of its workforce successful a bid to conserve cash.

Rivian is focusing connected ramping up accumulation of its R1 motortruck and SUV arsenic good arsenic an electrical transportation van it builds for Amazon, its largest idiosyncratic shareholder.

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