Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls
Publishing timestamp: 2023-02-28 19:32:30
Summary
Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. The company reported an adjusted loss before interest, taxes, depreciation and amortization of nearly $5.2 billion in 2022, narrower than guidance of $5.4 billion loss in November. For 2023, Rivian forecast vehicle production of 50000 vehicles, roughly double last year's amount but below expectations of roughly 60000. The company is focusing on ramping up production of its R1 truck and SUV as well as electric delivery van it builds for Amazon, its largest individual shareholder.
Sentiment: MIXED
Keywords: transportation, business, electric vehicles, autos, climate, markets, rivian automotive inc, breaking news: business, business news, earnings, amazon.com inc,
Source: https://www.cnbc.com/2023/02/28/rivian-rivn-earnings-q4-2022.html