EV maker Rivian reveals struggles with parts shortages and other manufacturing hiccups as it tries to ramp up production. “The belief was that Rivian could do a lot better in 2023,” one analyst says.
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 company faced “multiple days of lost production” due to the supplier shortages, and the “challenges” expected to persist into 2023. The company guided for the production of 50,000 vehicles in 2023. Rivian produced 24,337 vehicles in 2022, just under guidance of 25,000 vehicles for the year. “The belief was that Rivian could do a lot better in 2023,” the analyst said. Many on Wall Street expected that supply-chain issues were in the rear-view mirror, Nelson said.
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