Rivian has released their Q4 2021 earnings report, missing Wall Street expectations in a number of key areas.
Additionally, the automaker revised their 2022 production target as they continue to ramp production and suffer through supply chain constraints.
Rivian confirmed that from the September to December 2021 they recorded $54 million in revenue, below the $60 million consensus estimate from Wall Street analysts.
The automaker posted a net loss of $2.45 billion for the final three months of the year, and a $4.22 billion loss for the twelve months ended December 31, 2021.
That resulted in an adjusted loss per share of $2.43, compared to $1.97 estimated by analysts.
Rivian also updated its 2022 production target, now expecting to produce just 25,000 electric trucks and SUVs this year as they struggle through supply chain constraints and ramping production of three different vehicles.
“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,” the company said.
The company also provided an update on the number of reservations it has received, as of today sitting at about 83,000 in the U.S. and Canada.
Rivian has now produced 2,425 vehicles since production began last year. That is more than double than the 1,105 vehicles that they reported as of the end of 2021.
You can read the full earnings report below.
Rivian-Q4-2021-Shareholder-Letter
