Rivian Automotive (RIVN) Shares Down 12% on Disappointing Production Guidance Due to Supply Chain Issues
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Rivian shares tumble as supply-chain woes cut production outlook in half
March 10, 2022 4:51 PM ESTBy Akash Sriram and Paul Lienert
(Reuters) - Rivian Automotive Inc warned on Thursday that supply-chain issues could cut its planned production in half in 2022 to 25,000 vehicles, sending shares of the EV maker down more than 12% in extended trading.
Rivian said as of March 8, it had built 1,410 vehicles this year, and 2,425 since the start of production. It said that during the two weeks prior to March 8 it averaged a weekly production rate that was about twice the exit rate of the fourth quarter of 2021, but it expects supply-chain constraints to continue through 2022.
"As we... More
UPDATE: Rivian Automotive (RIVN) Misses Q4 EPS by 79c; Guides 2022 Production of 25,000 Vehicles
March 10, 2022 4:32 PM EST(Updated - March 10, 2022 4:34 PM EST)
Rivian Automotive (NASDAQ: RIVN) reported Q4 EPS of ($2.43), $0.79 worse than the analyst estimate of ($1.64). Revenue for the quarter came in at $54 million versus the consensus estimate of $61.18 million.
The company guides 2022 production of 25,000 vehicles.
For earnings... More
