Staff work on an meeting line at startup Rivian Automotive’s electrical automobile 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 said it produced 24,337 automobiles in 2022, together with 10,020 within the fourth quarter. Of these, 20,332 automobiles have been delivered to clients through the 12 months, together with greater than 8,000 from October by December.
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The missed goal caps off a difficult year for the corporate in addition to Rivian traders. 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 automobiles in 2022. However it reduce that guidance by half in March as a result of 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 3% to almost $18 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.
