Rivian reportedly ramping production of pickups after missing 2021 goals
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From the hotly-debated high-flier Tesla, Wall Street’s newest darling Rivian, traditional-stalwarts turned EV-upstarts GM and Ford to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.
TESLA RESULTS: On Wednesday of last week, Tesla (TSLA) reported fourth quarter non-GAAP earnings per share of $2.54 and revenue of $17.72B, both above consensus of $2.26 and $16.35B, respectively. Tesla said that, “2021 was a breakthrough year” and that “there should no longer be doubt about the viability and profitability of electric vehicles.” Tesla added: “With our deliveries up 87% in 2021, we achieved the highest quarterly operating margin among all volume OEMs, based on the latest available data, demonstrating that EVs can be more profitable than combustion engine vehicles. Additionally, we generated $5.5B of GAAP net income and $5.0B of free cash flow in 2021 – after spending $6.5B to build out new factories and on other capital expenditures.”
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