Through the fourth quarter, Rivian produced 10,020 automobiles, including a second shift to enhance elements provide, and delivered 8,054 automobiles. In its third-quarter earnings report, the corporate mentioned it has greater than 100,000 pre-orders for the R1T and R1S, on prime of Amazon’s multi-year order of 100,000 vans.
2022 manufacturing missed tough yr for one of many world’s most promising EV startups, which briefly had the next market valuation than Ford Motor Co. when the corporate started buying and selling on the Nasdaq inventory trade. Rivian’s share worth has fallen 87 p.c since its November 2021 preliminary public providing.
Rivian’s market worth is now under $15 billion, up from greater than $100 billion shortly after its IPO, Reuters reported.
In a letter to workers Tuesday, CEO RJ Scaringe praised the corporate’s workforce for overcoming setbacks.
“There have been a number of headwinds in 2022,” Scaringe mentioned. “With provide chain points which have closed the plant for 20 days and closed 50 days early within the final 12 months, and inclement climate that compelled us to shut one other 5 days, our staff stayed targeted and labored. challenges collectively.”
Whereas Rivian did not meet its manufacturing aim, it managed to get 25,051 automobiles off the meeting line, Scarring mentioned. He mentioned 714 automobiles are nonetheless within the ultimate phases of completion as they await elements, software program validation, wheel alignment, charging and different ending touches.
Rivian shares It fell 5.9 p.c to $17.34 in buying and selling earlier than the manufacturing announcement, which was launched after the market closed. Shares have been largely flat after hours.
Baird Fairness Analysis mentioned it forecast Rivian’s fourth-quarter deliveries of 10,700 automobiles and attributed the miss to provide chain points. Baird’s evaluation factors to a big enhance in 2023 manufacturing as Regular’s plant continues to ramp up.
Like different EV makers, provide chain disruptions are weighing on Rivian, which additionally in December halted a plan to construct Mercedes-Benz supply vans in Europe, Reuters mentioned on Tuesday. Earlier, Rivian delayed the beginning of manufacturing of its small R2 household of automobiles till 2026 on the firm’s deliberate $5 billion plant in Georgia.