For the fourth quarter, Rivian produced 10,020 autos after including a second shift on an enhancing components provide, and delivered 8,054 autos. In its third-quarter earnings report, the corporate stated it had a backlog of greater than 100,000 preorders for the R1T and R1S, along with a multiyear Amazon order for 100,000 vans.
The 2022 manufacturing miss capped a tough yr for one of many world’s most promising EV startups, which briefly had a better market valuation than Ford Motor Co. when the corporate started buying and selling on the Nasdaq alternate. Rivian’s inventory value is down by 87 p.c since its November 2021 preliminary public providing.
Rivian’s market worth is now under $15 billion, from a excessive of effectively over $100 billion simply after its IPO, Reuters reported.
In a letter to staff Tuesday, CEO RJ Scaringe praised the corporate’s work drive for grinding by the setbacks.
“There have been many headwinds in 2022,” Scaringe stated. “Contemplating the provision chain points that triggered the plant to shut for 20 days and shut down early on 50 days within the final 12 months — and the inclement climate that compelled us to shut for an extra 5 days — our crew stayed centered and labored by the challenges collectively.”
Though Rivian didn’t meet its output aim, it managed to get 25,051 autos off the meeting line, Scaringe stated. He stated that 714 autos are nonetheless within the strategy of full completion as they await components, software program validation, wheel alignment, charging and different ending touches.
Rivian shares slipped 5.9 p.c to $17.34 in buying and selling previous to the manufacturing announcement, which was made after the market shut. In after-hours buying and selling, shares have been principally unchanged.
Baird Fairness Analysis stated it had forecast Rivian’s fourth-quarter deliveries at 10,700 autos and attributed the miss to provide chain points. Baird evaluation factors to a big uptick in manufacturing for 2023 because the manufacturing facility in Regular continues to ramp.
Like different EV makers, provide chain disruptions have put strain on Rivian, which additionally shelved a plan in December to construct supply vans in Europe with Mercedes-Benz, Reuters stated Tuesday. Rivian earlier pushed again the manufacturing startup of its smaller R2 car household to 2026 on the firm’s deliberate $5 billion plant in Georgia.