Rivian production guidance falls short; shares slump

February 21, 2024 4:30 PM EST -- Rivian reported Wednesday annual production guidance that fell short of Wall Street estimates at a time when demand for electric vehicles continues to wane.

Rivian Automotive Inc (NASDAQ: RIVN) fell more than 13% in afterhours trading following the report.

For 2024, The company said it expects to produce 57,000 vehicles, missing Wall Street estimates of 66,000. The electric vehicle maker also said it expects adjusted loss before interest, taxes, depreciation and amortization of $2.7B.

For the three months ended Dec. 31, The EV maker reported a loss of $1.36 a share, narrower than the $1.73 loss a year earlier, while revenue of $1.32 billion, up from $663M. That compared with estimates for an adjusted loss of $1.32 a share on revenue of $1.28B, respectively.

The company produced 17,541 and delivered 13,972 vehicles in the Q4 2023.

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