Workers work on an meeting line at startup Rivian Automotive’s electrical car manufacturing unit in Regular, Illinois, April 11, 2022.
Kamil Krzaczynski | Reuters
Shares of Rivian Automotive notched a brand new 52-week low on Wednesday after the corporate missed its 25,000-unit manufacturing goal for final 12 months.
The EV startup late Tuesday mentioned it produced 24,337 autos in 2022, together with 10,020 within the fourth quarter. Of these, 20,332 autos have been delivered to clients in the course of the 12 months, together with greater than 8,000 from October via December.
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The missed goal caps off a tough 12 months for the corporate in addition to Rivian buyers. Shares of the automaker declined by greater than 80% throughout 2022 amid manufacturing, elements and provide chain issues.
Rivian mentioned throughout its IPO roadshow in 2021 that it anticipated to construct 50,000 autos in 2022. However it lower that steering by half in March attributable to manufacturing and international provide chain points.
Shares of Rivian throughout early buying and selling Wednesday dipped by as a lot as 4.5% to $16.56 a share earlier than reversing course and gaining greater than 2% to shut at $17.71 a share. A 12 months in the past the inventory traded for $106.80 a share.
Shares of Rivian have fallen greater than 80% within the final 12 months.