Rivian announced its 2022 Q4 earnings after the bell on Tuesday, and they’re short of expectations. As a result, the company’s stock is down 8% in after-hours trading.
The electric automaker announced it produced 24,337 EVs in 2022, below its guidance of 25,000, while only 20,332 of these cars were delivered last year.
In Q4, it produced 10,020 vehicles and delivered 8,054 of them. The company says supply chain issues continue “to be the main limiting factor of our production” at its factory in Normal, Illinois. There were days in Q4 with lost production due to supplier shortages.
Rivian says its 2023 production target is 50,000 electric vehicles.
Q4 revenue was at $663 million, far lower than analysts’ estimates of $742 million, based on Refinitiv data. The quarter saw Rivian post a net loss of $1.72 billion, equivalent to $1.87 per share. A year ago, Rivian posted a $2.46 billion net loss, or $4.83 per share. In 2022, Rivian posted a $6.75 billion loss.
Cash and cash equivalents now stand at $11.57 billion. Rivian expects to turn a gross profit in 2024.
Rivian says its EVs have driven over 160 million miles and its vans produced for Amazon have delivered over 10 million packages. It also released 12 major over-the-air software updates in 2022.
R1T and R1S have a net preorder backlog that “extends into 2024”. The company says it plans to build and scale its next-generation R2 platform. Rivian also plans to debut a battery pack with LFP cells.
The company says its 400-mile R1S Max Pack variant will deliver in fall 2023, offering a dual-motor configuration and 0-60 acceleration in 3.5 seconds.
