Shares of Irvine-based Rivian Automotive Inc. (Nasdaq: RIVN) fell 13% in after-hours trading after reporting pricing and supply chain problems.Â
The electric vehicle maker warned that supply chain issues may force it to cut its planned production in half in 2022 to 25,000.
“We are not immune to the supply chain issues that have challenged the entire industry,” the company said in a letter on its website.
“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.”
The company today also reported making 1,015 vehicles in the fourth quarter, falling short of its goal of 1,200 units. It reported fourth-quarter sales of $54 million and a loss of $2.46 billion, both of which missed analysts’ consensus estimates.
At close, Rivian shares were down 6.4% to $41.16 with a market cap of $36 billion before results were posted. After the release in after hours trading, the shares fell another 13% to $35.65.
