Rivian stock falls nearly 13% after EV maker loses more than $2 billion, trims production targets

0
122

An earlier version of this report had incorrect quarterly loss figures for Rivian. It has been corrected.

Rivian Automotive Inc. lost more than $2 billion in the fourth quarter, saying that supply-chain disruptions and other problems continued to plague its assembly line.

Rivian
RIVN,
-6.35%

said late Thursday it lost $2.46 billion, or $4.83 a share, in the quarter, compared with a loss of $353 million, or $3.50 a share, in the year-ago period. Adjusted for one-time items, Rivian lost $2.43 a share.

Revenue reached $54 million, thanks to the sale of 909 vehicles in the quarter, from no revenue a year ago, the company said. For full-year 2021, revenue reached $55 million on sales of 920 vehicles, Rivian said.

FactSet consensus called for a loss of $1.88 a share on sales of $60.5 million.

“Not surprisingly our…

Read more…

LEAVE A REPLY

Please enter your comment!
Please enter your name here