A Rivian R1T pickup, the Amazon-backed electric vehicle (EV) maker, is driven outside the Nasdaq Market site during the company’s IPO in Times Square in New York City, U.S., November 10, 2021. REUTERS/Brendan McDermid
Register now for FREE unlimited access to Reuters.comMarch 10 (Reuters) – Rivian Automotive Inc (RIVN.O) warned on Thursday that supply chain issues would limit its production in 2022 and said it expects to produce 25,000 passenger cars, sending the shares of the EV maker down more than 10% in extended trading.
Rivian made about 200 fewer vehicles than the production target of 1,200 vehicles it set for 2021, the company had said in a filing in January. read more
“Our manufacturing operations are making progress, and our plant is outrunning the constraints of our supply chain,” the company said in a letter to shareholders.
Register now for FREE unlimited access to Reuters.comRivian had earlier said it was facing inflationary pressures, including mounting component costs, unprecedented supply chain shortages and delays. read more
Rivian, other startups and legacy automakers such as Ford Motor Co (F.N) and General Motors (GM.N), face tough competition from market leader Tesla Inc (TSLA.O) as they aim to start delivering their electric vehicles in the near future.
The company reported a net loss of $2.46 billion, or $4.83 per share, in the fourth quarter, compared with $354 million, or $3.50 per share, from a year earlier. It posted revenue of $54 million.
Register now for FREE unlimited access to Reuters.comReporting by Akash Sriram in Bengaluru and Paul Lienert in Detroit; Editing by Amy Caren Daniel
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