Electric vehicle company Rivian Automotive RIVN reported fourth-quarter financial results after the market close Tuesday. Here are the key highlights.
What Happened: Rivian reported fourth-quarter revenue of $663 million, which came in shy of a Street estimate of $742.4 million, according to data from Benzinga Pro.
The company reported a loss of $1.73 per share in the fourth quarter, which beat a Street estimate of a loss of $1.94 per share.
Deliveries in the fourth quarter totaled 8,054 vehicles. Rivian produced 10,020 vehicles in the fourth quarter, up 36% quarter-over-quarter.
For the full fiscal year, Rivian posted revenue of $1.66 billion. The company delivered 20,332 vehicles in the full fiscal year.
The company produced 24,337 vehicles in fiscal 2022.
Supply chain issues were cited as a limiting factor for production in the fourth quarter. The company sees supply chain issues continuing into 2023.
Rivian said it is making progress on its next-generation vehicle platform, the R2, and also progressing on its second domestic manufacturing facility, which is in Georgia.
“We believe our experience ramping the R1 and RCV platforms will benefit our next generation R2 platform,” the company said.
Related Link: Analyst Weighs In On Opportunities Vs. Challenges For Rivian
What’s Next: Rivian sees hitting positive gross profit in 2024 as it is producing vehicles at low volumes on production lines it says are designed for higher volumes.
“This dynamic will continue in the near-term as we implement new vehicle technologies into the manufacturing lines and ramp our overall production levels,” the company said.
Rivian said its preorder backlog for the R1T and R1S extends into 2024.
The company is guiding to produce 50,000 vehicles in 2023.
Major items for the company in 2023 are ramping production, driving down costs, developing the R2 platform and delivering an end-to-end customer experience.
RIVN Price Action: Rivian shares are down 7% to $17.95 in after-hours trading Tuesday at the time of writing.
Read Next: Want To Charge Your Electric Vehicle Faster? Rivian May Have A Solution According To A New Patent
Photo courtesy of Rivian.
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