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An earlier version of this report had incorrect quarterly loss figures for Rivian. It has been corrected.
Rivian Automotive Inc. stock fell more than 9% in extended trading Thursday after the electric-vehicle maker posted a larger-than-expected quarterly loss and said that supply-chain snags and other problems persist.
Rivian
RIVN,
late Thursday said it lost $2.46 billion, or $4.83 a share, in the fourth quarter, compared with a loss of $353 million, or $3.50 a share, in the year-ago period. Adjusted for one-time items, Rivian lost $2.43 a share.
Revenue hit $54 million in the quarter, thanks to the sale of 909 vehicles, from no revenue a year ago, the company said. Full-year 2021 sales reached $55 million on sales of 920 vehicles.
FactSet consensus called for a loss of $1.88 a share on sales of $60.5 million.
Rivian said its plant in Illinois is “starting to ramp nicely despite the quarter getting off to a slow start and persistent supply-chain constraints.”
There were “several headwinds” impacting the production ramp, including a “planned” 10-day shutdown to fine-tune the production lines, as well as “significant supply-chain limitations,” a spike in COVID-19 cases among its workers, and severe winter weather, Rivian said in a letter to shareholders.
“Like the rest of the industry, we anticipate supply-chain challenges to persist through 2022,” it said. “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.”
Rivian shares have fallen more than 60% this quarter, and are off nearly 50% from their $78 initial public offering price.
The company said Thursday it had about 83,000 preorders for its electric truck and SUV.
