Rivian (RIVN.US) stock tumbles more than 6.0% on Friday after the electric vehicle maker posted weak quarterly results and expects supply chain problems will negatively affect its factory output in 2022.
- Company posted a wider than expected loss of $2.43 per share compared to market estimates of $1.97 a share. Revenue of$54 million also came in below analysts’ projections of $60 million
- Rivian did not provide revenue guidance for 2022, while Refintiv analysts expect a full-year, adjusted loss per share of $4.97 and revenue of about $3.16 billion.
- "As we continue to ramp up our manufacturing facility, manage supply chain challenges, face continued inflationary pressures and minimize price increases to customers in the near term, we expect to recognize negative gross margins throughout 2022," the company said in a letter to shareholders.
- Rivian is projecting only 25,000 car deliveries in fiscal year 2022, around half of its prior forecast.
- "The good news is we do not believe any of our supply chain challenges represent long-term systemic issues," founder and CEO R.J. Scaringe told investors on a conference call late Thursday. "While our product development and manufacturing teams have been focused on ramping our normal production facility, our real estate and facilities team have been working diligently to ensure we remain well-positioned to capture and drive the accelerated large-scale adoption of sustainable transportation" he added.
Rivian (RIVN.US) stock hit a new all-time low at $37.60. Source: xStation5
