Rivian electrical pickup vans sit in a parking zone at a Rivian service middle on Might 09, 2022 in South San Francisco, California.Â
Justin Sullivan | Getty Pictures
Electrical automobile startup Rivian Automotive reported combined fourth-quarter earnings and a lackluster manufacturing outlook after the bell Tuesday. Here is how Rivian carried out within the interval, in contrast with analysts’ estimates as compiled by Refinitiv:
- Adjusted loss per share: $1.73 vs $1.94 estimated
- Income: $663 million vs. $742.4 million estimated
In November, the corporate reaffirmed its full-year guidance of an adjusted loss earlier than earnings, taxes, depreciation and amortization of $5.4 billion. However that was earlier than the automaker missed its 2022 production target, sending shares to hit a brand new 52-week low.
Rivian inventory closed Tuesday at $19.30 a share, up 4.6%. Following the outcomes, the inventory was down by about 5% throughout afterhours buying and selling.
For 2023, Rivian forecast automobile manufacturing of fifty,000 automobiles. That might be roughly double final yr’s quantity however beneath many analyst expectations of round 60,000.
The outcomes comply with troublesome occasions for the electrical automobile startup which have included slower-than-expected manufacturing, surprising pricing stress and plans to lay off 6% of its workforce in a bid to preserve money.
Rivian is specializing in ramping up manufacturing of its R1 truck and SUV in addition to an electrical supply van it builds for Amazon, its largest particular person shareholder.
That is breaking information. Please examine again for additional updates.
