Rivian (NASDAQ: RIVN) missed Wall Street consensus estimates after reporting a loss of $2.43 per share and revenue of $54 million.
Wall Street expected Rivian to lose $1.64 per share and was expecting a consensus estimate of $61.18 million. The company also was expected to announce a 2022 delivery goal of 40,000 units but suggested guidance of around 25,000 vehicles instead.
Rivian shares were down over 12 percent in aftermarket trading. The stock closed at $41.16 on Thursday.
Despite the tough Q4 financial figures, Rivian had several accomplishments in 2021. Not only did it start production and deliveries of all three of its vehicles, but it also had its flagship pickup, the R1T, voted as MotorTrend’s 2022 Truck of the Year. Additionally, Rivian announced it would build a new manufacturing facility in the United States in Georgia.
“Looking ahead to 2022 and beyond, we are focused on continuing to help drive the transformation of transportation,” Rivian said in its Shareholder Deck. “Our path to EV leadership won’t be easy. In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up.”
For the next year, Rivian stated it will remain focused on ramping production at the Normal, Illinois plant. Additionally, Rivian said it will develop ” a heat pump-based thermal system for improved cold weather efficiency as well as a range of new battery packs including both high nickel and lithium iron phosphate (LFP) chemistries.” High-nickel packs are becoming a more popular development for many electric automakers as companies attempt to move away from controversial materials in battery packs. However, nickel is not as readily available as many once thought, so LFP chemistries are also being considered as a potential alternative.
Rivian said 2022 started off slowly due to persistent supply chain constraints, a planned 10-day shutdown to fine-tune production lines, COVID-19 cases, and severe weather in Central Illinois. Manufacturing is picking up, however. Rivian said, “As of March 8, we have produced 1,410 vehicles in 2022 and 2,425 vehicles since the start of production.”
Rivian said its partnership with Amazon is extremely strong, and it delivered its first EDV to Amazon at the end of 2021. As Rivian continues to scale the R1T and R1S and work with suppliers to decrease bottlenecks, the company is “working in close partnership with Amazon to refine the digital integration of the EDV as well as our software platform to support the most effective operation of the vehicles,” it said.
Apart from the EDV-700, Rivian announced that it has also successfully produced the European version of the van, the EDV-500. A narrower and shorter version of the original van, it is better suited for expanding markets and geographies where smaller form factors are more advantageous.
Rivian’s Earnings Call will available via webcast at this link.
Disclosure: Joey Klender is not a RIVN Shareholder.
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