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%.
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Later
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.
- 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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