Rivian stock hits new 52-week low after the automaker misses 2022 production target

Business

In this article

Employees work on an assembly line at startup Rivian Automotive’s electric vehicle factory in Normal, Illinois, April 11, 2022.
Kamil Krzaczynski | Reuters

Shares of Rivian Automotive notched a new 52-week low on Wednesday after the company missed its 25,000-unit production target for last year.

The EV startup late Tuesday said it produced 24,337 vehicles in 2022, including 10,020 in the fourth quarter. Of those, 20,332 vehicles were delivered to customers during the year, including more than 8,000 from October through December.

The missed target caps off a difficult year for the company as well as Rivian investors. Shares of the automaker declined by more than 80% during 2022 amid production, parts and supply chain problems.

Rivian said during its IPO roadshow in 2021 that it expected to build 50,000 vehicles in 2022. But it cut that guidance by half in March due to production and global supply chain issues.

Shares of Rivian during early trading Wednesday dipped by as much as 4.5% to $16.56 a share before reversing course and gaining more than 2% to close at $17.71 a share. A year ago the stock traded for $106.80 a share.

Shares of Rivian have fallen more than 80% in the last 12 months.

Articles You May Like

Some market experts are talking about ‘animal spirits.’ Here’s what that means when it comes to investing
How To Have Difficult Conversations With Stubborn Aging Parents
The 2025-26 FAFSA is open ahead of schedule — here’s why it’s important to file for college aid early
Walmart hikes its outlook again as shoppers spend more outside the grocery aisles
Dozens of retailers jacked up interest rates on store cards ahead of Fed cuts

Leave a Reply

Your email address will not be published. Required fields are marked *