Rivian’s signage at Nasdaq on the day of their IPO, November 10, 2021 in New York.
Rivian Automotive is expected to produce 25,000 vehicles this year, as the battle kicks off electric vehicles through supply chain constraints and in-house production difficulties.
The production increase will be accompanied by an operating loss of $4.75 billion and capital expenditures of $2.6 billion this year, the company forecast on Thursday when it reports fourth-quarter results.
Shares of the automaker fell more than 13% in after-hours trading. The drop followed the stock hitting a 52-week low on Thursday before closing at $41.16 per share, down 6.4% on the day.
Here’s how Rivian performs, compared with analyst estimates compiled by Refinitiv:
- Adjusted loss per share: $2.43 vs. $1.97 per share expected
- Revenue: $54 million vs. $60 million expected
For 2022, Refintiv’s consensus estimates put Rivian’s full-year adjusted loss per share at $4.97 and revenue at around $3.16 billion. Rivian did not disclose revenue forecasts.
Shares of Rivian, announced in November, are down about 60% this year, after the company production target missed for the year 2021.
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