Rivian stock sinks more than 8% after revenue miss, weak outlook

Earnings Results Last Updated: Feb. 28, 2023 at 6:07 p.m. ET First Published: Feb. 28, 2023 at 4:33 p.m. ET Rivian guides for production of 50,000 vehicles in 2023; ‘the belief was that Rivian could do a lot better in 2023’ Rivian reported a narrower quarterly loss, but sales fell short as the EV maker

Financial Press

Published

March 1, 2023

rivian-stock-sinks-more-than-8%-after-revenue-miss,-weak-outlook

Earnings Results

Last Updated: Feb. 28, 2023 at 6:07 p.m. ET First Published: Feb. 28, 2023 at 4:33 p.m. ET

Rivian guides for production of 50,000 vehicles in 2023; ‘the belief was that Rivian could do a lot better in 2023’

Rivian reported a narrower quarterly loss, but sales fell short as the EV maker continued to struggle with the supply chain.

Getty Images

Shares of Rivian Automotive Inc. dropped more than 8% in after-hours trading Tuesday after the electric-vehicle maker narrowed its quarterly loss but missed revenue expectations and revealed struggles with parts shortages and other manufacturing hiccups as it tried to ramp up production.

“The supply constraint is, by far and away, the biggest constraint,” Rivian RIVN Chief Executive RJ Scaringe said in a call with analysts after results.

Ongoing…

In this article:Featured, top stories

Stocks

BlackBerry, Oracle, Kroger are stocks to watch

SAN FRANCISCO (MarketWatch) — Among the companies whose shares are expected to see active trade in Thursday’s session are BlackBerry Ltd., Oracle Corp., and...

Financial PressDecember 21, 2022

piedmont-lithium-adds-two-new-directors-to-board;-stock-soars

Mining

Piedmont Lithium adds two new directors to board; stock soars

NAL spodumene concentrate production remains targeted for H1 2023 with revenue potential in Q3 2023. Credit: Piedmont Piedmont Lithium (Nasdaq: PLL; ASX: PLL) announced...

Financial PressJanuary 4, 2023