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Rivian Automotive Inc (NASDAQ:RIVN) shares plunged more than 8% after-hours following the company’s reported Q4 results, with revenues coming in at $663 million, significantly worse than the consensus estimate of $729M as it delivered only 8,054 vehicles from 10,020 produced.
EPS came in at ($1.87), better than the consensus estimate of ($1.96).
According to the company, the supply chain continues to be the main limiting factor of production and it expects these challenges to persist into 2023 but with better predictability relative to what was experienced in 2022.
The company’s production forecast for fiscal 2023 came in lower than analysts’ estimates. For the full 2023-year, Rivian expects 50,000 produced vehicles and an adjusted EBITDA of ($4.3) billion.
