Rivian announced its Q4 2021 earnings on Thursday, revealing it had delivered 909 electric vehicles to customers in the quarter.
The automaker saw $54 million in revenue, while posting a $383 million loss for the quarter in terms of gross profit. Shares of Rivian are down 12% in after-hours trading to $36 per share. Rivan’s loss from operations was $2.45 billion for Q4 2021.
As for 2022, Rivian says it plans to produce 25,000 EVs, as the company tries to deal with supply chain constraints and production woes. As for Rivian reservations as of March 8, there are now 83,000, an increase of 12,000 orders since December 2021.
For the year, Rivian posted a $4.75 billion operating loss and had capital expenditures of $2.6 billion. Rivian’s Q4 earnings fell short of Wall Street estimates in terms of adjusted loss per share ($2.43 vs. $1.97 a share expected) and revenue ($54 million vs. $60 million expected) according to CNBC.
“Through the first half of Q1 2022, we experienced several headwinds and other factors impacting our production ramp, including a planned 10-day shutdown to fine-tune our production lines, significant supply chain limitations, a large spike in COVID-19 cases likely attributable to the Omicron variant, and severe winter weather in Central Illinois,” explained Rivian.
“Like the rest of the industry, we anticipate supply chain challenges to persist through 2022. We are working closely with our suppliers to identify component constraints early so that we can support the supplier ramp and/or develop alternative solutions if needed,” said the automaker.
“During the two trailing weeks prior to March 8, we averaged a weekly production rate that was approximately two times the exit rate of Q4 2021. As of March 8, we have produced 1,410 vehicles in 2022 and 2,425 vehicles since the start of production,” said Rivian.
