Rivian signage at the Nasdaq on their IPO day, November 10, 2021 in New York.
Rivian Automotive expects to produce 25,000 vehicles this year, as the electric vehicle start-up battles through supply chain constraints and internal production snags.
The increase in production will come alongside an operating loss of $ 4.75 billion and capital expenditures of $ 2.6 billion this year, the company forecast Thursday when reporting its fourth-quarter results.
Shares of the automaker were down by more than 13% during after-hours trading. The decline follows the stock hitting a new 52-week low Thursday before closing at $ 41.16 a share, down 6.4% on the day.
Here’s how Rivian performed, compared with analysts’ estimates as compiled by Refinitiv:
- Adjusted loss per share: $ 2.43 vs. $ 1.97 a share expected
- Revenue: $ 54 million vs. $ 60 million expected
For 2022, Refintiv consensus estimates put Rivian’s full-year adjusted loss per share at $ 4.97 and revenue at about $ 3.16 billion. Rivian did not disclose a revenue forecast.
Shares of Rivian, which went public in November, are down about 60% this year, after the company missed production targets for 2021.
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