Breaking News Rivian Automotive Stock Price Drops Sharply After Earnings Miss

Rivian Automotive Inc. Stock News and Information

Breaking News: Rivian Automotive Stock Price Drops Sharply After Earnings Miss

Rivian Automotive Inc. (RIVN) shares plummeted on Wednesday after the electric vehicle maker reported a wider-than-expected loss in its latest quarterly earnings release. The stock closed the day down 12.6%, hitting a new 52-week low.

Key Points

• Rivian reported a net loss of $1.7 billion for the quarter, compared to a loss of $1.2 billion in the same period last year.
• Revenue increased by 73% to $936 million, but fell short of analysts' expectations.
• The company lowered its production forecast for 2023, citing supply chain challenges and production disruptions.

Analysts had been expecting a more optimistic outlook from Rivian, given the recent success of its R1T pickup truck and R1S SUV. However, the company's production issues and disappointing financial results have cast a shadow over its future prospects.

Rivian is not the only electric vehicle maker to face challenges recently. Tesla, Inc. (TSLA) and Ford Motor Company (F) have also reported production issues and supply chain disruptions. The broader market for electric vehicles has also been under pressure due to concerns about inflation and rising interest rates.