Rivian stock hits new 52-week low after the automaker misses 2022 production target

Rivian stock hits new 52-week low after the automaker misses 2022 production target


Employees work on an assembly line at startup Rivian Automotive’s electric vehicle factory in Normal, Illinois, April 11, 2022.

Kamil Krzaczynski | Reuters

Shares of Rivian Automotive hit a new 52-week low on Wednesday after the company missed its 25,000-unit production target for last year.

The EV startup late Tuesday said it produced 24,337 vehicles in 2022, including 10,020 in the fourth quarter. Of those, 20,332 vehicles were delivered to customers during the year, including more than 8,000 from October through December.

related investing news

Pro Picks: Watch all of Tuesday's big stock calls on CNBC

CNBC Pro

The missed target caps off a difficult year for the company as well as Rivian investors. Shares of the automaker declined by more than 80% during 2022 amid production, parts and supply chain problems.

Rivian said during its IPO roadshow in 2021 that it expected to build 50,000 vehicles in 2022. But it cut that guidance by half in March due to production and global supply chain issues.

Shares of Rivian during early trading Wednesday dipped by as much as 4.5% to $16.56 a share before leveling off at about $17 a share. A year ago the stock traded for $106.80 a share.

Shares of Rivian have fallen more than 80% in the last 12 months.



Source

Nike stock soars 17% after CEO soothes investors, says recovery is on the horizon
Business

Nike stock soars 17% after CEO soothes investors, says recovery is on the horizon

Nike stock soared 17% on Friday after the company said the worst of its struggles are behind it, following a better than feared fiscal fourth-quarter earnings report.  Nike on Thursday reiterated it would take the biggest financial hit from its turnaround plan during the quarter, soothing investors who worried President Donald Trump’s tariff hikes on […]

Read More
Hemi V-8 engines and mechanical bull rides: Inside Stellantis’ plan to revive its Ram Trucks brand after yearslong sales declines
Business

Hemi V-8 engines and mechanical bull rides: Inside Stellantis’ plan to revive its Ram Trucks brand after yearslong sales declines

Stellantis’ Ram display is seen at the New York International Auto Show on April 16, 2025. Danielle DeVries | CNBC AUBURN HILLS, Mich. — Ram CEO Tim Kuniskis reemerged from a seven-month retirement late last year saying he “missed the fight” and admitting the Stellantis brand was getting smashed in the marketplace by its competition. […]

Read More
​Here’s how the luxury real estate market is splitting up
Business

​Here’s how the luxury real estate market is splitting up

View of luxury waterfront homes and boats along the intracoastal waterway near Jupiter Inlet in Jupiter, Florida in Palm Beach County Ryan Tishken | Istock | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future […]

Read More