Rivian Misses Its 2022 Electric Vehicle Production Target
On Tuesday after the market close, Rivian Automotive (NASDAQ: RIVN) announced its vehicle production and delivery numbers for the fourth quarter of 2022 and for the full year. The California-based premium electric vehicle (EV) maker missed its annual production target of 25,000 vehicles; it hadn't provided a target for deliveries.
Rivian shares edged down 0.4% in Tuesday's after-hours trading session. The market's initial nonplussed reaction makes good sense, as the company didn't miss its production guidance by much.
For background, Rivian held its initial public offering (IPO) in November 2021. It currently produces three vehicles -- two consumer models, the R1T pickup truck and the R1S SUV, and an electric delivery vehicle, or EDV, for its partner Amazon, which owns a large stake in Rivian.
Source Fool.com
