Shares of electric vehicle maker Rivian Automotive (RIVN) are down more than 10% after the company missed Wall Street’s fourth-quarter earnings expectations and forecast a modest increase in vehicle production.
Rivian stock is trading at a new 52-week low of $41.16 U.S. following the disappointing earnings. Year to date, the stock is down more than 60%.
Rivian said it expects to produce 25,000 electric trucks and SUVs this year, as the start-up company battles through supply chain constraints and internal production issues. That would be just half of the vehicle production the company forecast last year as part of its initial public offering.
Rivian said reservations for its vehicles have reached about 83,000 as of March 8, up from 71,000 in December.
Rivian reported an adjusted operating loss of $2.8 billion U.S. for 2021, including $1.1 billion U.S. in the fourth quarter, marking significantly wider losses than a year-ago. Its net loss for all of 2021 came in at $4.7 billion U.S., including $2.5 billion U.S. during last quarter.
The company didn’t offer revenue guidance for 2022, though Refintiv consensus estimates predict a full-year, adjusted loss per share of $4.97 U.S. and revenue of about $3.16 billion U.S.
The company remains financially sound, though, with $18.4 billion U.S. in cash on hand at the end of last year. Rivian said it expects capital expenditures to total about $8 billion U.S. through the end of 2023.
Late last year, Rivian started producing three separate vehicles at its manufacturing factory in Normal, Illinois. The vehicles include the R1T pick-up truck and R1S SUV for consumers and an electric delivery van. The first orders of the vans are going to Amazon (AMZN), which holds a 20% stake in the company.
Rivian declined to disclose how many vans it has produced and delivered to Amazo