A Rivian electric pickup truck sits in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
electric vehicle startup Rivian Automotive reported fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. Here’s how Rivian performed during that period, compared to analyst estimates compiled by Refinitiv:
- Adjusted loss per share: $1.73 vs $1.94 approx
- Revenue: $663 million vs $742.4 million approx
In November, the company reaffirmed its full-year guidance of an adjusted loss before income, taxes, depreciation and amortization of $5.4 billion. But before the automaker missed its 2022 production target, it sent shares to a new 52-week low.
Rivian stock closed Tuesday at $19.30 per share, up 4.6%. Following the results, shares fell about 5% in after-hours trading.
For 2023, Rivian predicts vehicle production of 50,000 vehicles. That is expected to double last year’s number but is below analysts’ expectations of about 60,000.
The results follow a difficult period for the electric vehicle startup that has included slower-than-expected production, unexpected pricing pressure and plans to cut 6% of its workforce to save cash.
Rivian is focused on increasing the production of R1 trucks and SUVs as well as electric delivery vans made for it Amazonthe largest individual shareholder.
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