Electric-vehicle maker Rivian (RIVN) missed Q4 earnings expectations, amid production woes and a price-hike fiasco that rankled customers. Rivian stock fell to fresh all-time lows Friday.
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Rivian increased the prices of its vehicles up to 20% last week. Chief Executive R.J. Scaringe blamed rising component costs. Meanwhile, production ramp-up has been choppy, with Rivian’s Normal, Ill., plant shutting down for a week in early January.
Rivian Earnings
Estimate: Zacks Investment Research analysts expected Rivian to trim losses from the last quarter to $1.58 per share on sales of $50.38 million.
Rivian reported a little revenue in Q3, but steep losses. Sales came in around $1 million and losses were $12.21 per share. Those results were in line with what the company said it expected in a previous SEC filing.
It’s not unusual for a startup to have little revenue and big losses…
