Tuesday, February 28, 2023

Rivian: 4Q22 — February 28, 2023

Rivian is expected to post another big loss for the fourth quarter, while staff turnover and consumer demand for its EVs in this economic climate pose other concerns.

Pre-market: still green; up a  bit more than 1%. 

*********************
Later

Numbers are out.

Link here.

Letter to shareholders here.

We experienced a loss from operations in the fourth quarter of 2022 totaling $(1,795) million, as compared to $(2,454) million in the same period last year. For fiscal year 2022, we recorded a loss from operations of $(6,856) million as compared to $(4,220) million in 2021.

Good luck with the newsletter.

Let's see what analysts have to say. 

But first, the market.

RIVN: down 8% after hours. 

Link here.

  • Rivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. 
  • Rivian said its recall announcement, its third since going public in Nov. 2021, was due to an issue with a sensor in the front passenger seat-belt system. 
  • In October, it recalled about 13,000 cars due to a potential issue that could cause a driver to lose control of the steering. 
  • The company said it is targeting production of 50,000 cars this year, compared with analysts' estimate of 67,170 units
  • The Irvine, California-based company also reported lower-than-expected fourth quarter revenue as the electric-vehicle firm delivered far fewer vehicles than it produced
    • Rivian produced 24,337 vehicles in 2022, slightly short of its target of 25,000 units. 
    • However, it delivered only 20,332 cars last year. 
  • Revenue for the quarter ended December 31, stood at $663 million, compared with analysts' estimate of $742.4 million
  • The company reported fourth-quarter net loss of $1.72 billion, or $1.87 per share, compared with $2.46 billion, or $4.83 per share, a year earlier. 
  • Rivian reported cash and cash equivalents of $11.57 billion, down from $13.27 billion at the end of the preceding quarter.

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