Rivian stock hits 52-week low after company misses 2022 production target

Workers work on the assembly line at the electric vehicle plant of the startup Rivian Automotive in Normal, Illinois, on April 11, 2022.

Kamil Krzaczynski | Reuters

shares of Rivian Automotive The company hit a new 52-week low on Wednesday after failing to meet last year’s production target of 25,000 units.

The EV startup announced late Tuesday that it produced 24,337 vehicles in 2022, including 10,020 in the fourth quarter. Of those, 20,332 vehicles were delivered to customers throughout the year, including over 8,000 of his from October to December.

The missed targets capped off a difficult year for the company and Rivian investors. The automaker’s share price fell more than 80% in 2022 due to production, parts and supply chain issues.

Rivian said at its 2021 IPO roadshow that it plans to build 50,000 vehicles in 2022.

Rivian shares fell a whopping 4.5% to $16.56 a share in Wednesday’s early trading before reversing course, rising more than 2% to close at $17.71 a share. A year ago, the stock was trading at $106.80 per share for him.

Rivian stock has fallen more than 80% over the past 12 months.

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