Electric vehicle company Rivian Automotive Inc RIVN reported fourth-quarter financial results and shared an update on fiscal year 2022 expectations Thursday. Here are the key highlights for investors.
What Happened: Rivian reported fourth-quarter revenue of $54 million, missing a consensus estimate of $60 million according to Benzinga Pro. Full fiscal year revenue was $55 million with 920 vehicle deliveries.
The company reported a net loss of $2.43 per share, missing the consensus estimate of a loss of $1.97 per share.
The company delivered 909 vehicles in the fourth quarter and started production of all three vehicles: the R1T, R1S and EDV.
Rivian said it has produced 1,410 vehicles in 2022 and a total of 2,425 since production began.
The company also highlighted its EDV, which has an order of 100,000 from Amazon.com Inc AMZN, which is also an investor in the company. The first production EDV was sold at the end of 2021.
What’s Next: Rivian has 83,000 R1 preorders as of March 8. The company said that preorders continue to accelerate even with the new pricing announcement.
Rivian sees fiscal year vehicle productions hitting 25,000.
“During the next 12 months, we will remain focused on ramping up production at our plant in Normal, Illinois, as well as initiating work on our second domestic manufacturing facility in Georgia,” the company said.
The company’s goal is to have an annual capacity to produce 600,000 vehicles from its planned facilities.
The company sees supply chain challenges continuing in 2022. The weekly production rate in the two weeks prior to March 8 was around double the rate in the fourth quarter.
Production is expected to be scaled for the production of the EDVs for Amazon and Rivian is "also in the process of exploring ways to further expand our commercial partnership with Amazon.”
RIVN Price Action: Rivian shares are down 13% to $35.91 at press time.
Shares have traded in a range of $39.86 and $179.46 since going public at $78 a share in November 2021.
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