Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday.
Shares of Rivian were down by roughly 8% during afterhours trading. The stock closed Tuesday at $19.30 a share, up 4.6% for the session.
Here’s how Rivian performed in the period, compared with analysts’ estimates as compiled by Refinitiv:
- Adjusted loss per share: $1.73 vs $1.94 estimated
- Revenue: $663 million vs. $742.4 million estimated
The company reported an adjusted loss before income, taxes, depreciation and amortization of nearly $5.2 billion in 2022, narrower than guidance of a $5.4 billion loss in November.
For 2023, Rivian forecast vehicle production of 50,000 vehicles. That would be roughly double last year’s amount but below expectations of roughly 60,000, as estimated by several Wall Street analysts.
“Supply chain continues to be the main limiting factor of our production; during the quarter we encountered multiple days of lost production due to supplier shortages. We expect supply chain challenges to persist into 2023 but with better predictability relative to what was experienced in 2022,” the company said in its letter to shareholders.
Rivian said it expects to achieve a positive gross profit in 2024. Rivian’s net loss for the fourth quarter was $1.7 billion, a narrower loss than the $2.5 billion it reported a year earlier.
The results follow difficult times for the electric vehicle startup that have included slower-than-expected production, unexpected pricing pressure and plans to lay off 6% of its workforce in a bid to conserve cash.
Rivian is focusing on ramping up production of its R1 truck and SUV as well as an electric delivery van it builds for Amazon, its largest individual shareholder.
As of the end of last year, the company had about $12.1 billion in cash remaining, down from $13.8 billion at the end of the third quarter and $15.5 billion as of June 30.
Rivian said while inflation has been a factor in its supply chain, it will continue to take steps to reduce costs and focus on ramping production of its vehicles.
Capital expenditures for the fourth quarter were $294 million, as compared to $455 million for the same period last year.
—CNBC’s Phil LeBeau contributed to this report.