# Rivian stock less bruised than Tesla as both miss EV targets Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-01-04 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Rivian Automotive Falls Short of Production Target in 2022 Meta Description: Rivian Automotive narrowly misses its 2022 production target, facing setbacks including supply-chain disruptions and missed delivery vans plan. URL: https://financedigest.com/rivian-stock-less-bruised-than-tesla-as-both-miss-ev-targetshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-01-03t224053z2lynxmpej020ljrtroptp4autoshow-la-electricpickup-1736814638656-compressed.jpg) By Paul Lienert and Akash Sriram (Reuters) – Electric vehicle maker Rivian Automotive barely missed its full-year production target of 25,000 vehicles in 2022, the company said in a filing late on Tuesday. Before the Securities and Exchange Commission released the filing, Rivian’s shares closed down nearly 6% to $17.34, but saw little movement in after-hours trade. Rival Tesla, which also missed its production targets, had a rougher [trading day](https://www.financedigest.com/stocks-fall-treasury-yields-rise-upon-final-2022-trading-day.html "Stocks fall, Treasury yields rise upon final 2022 trading day"), as its shares plunged more than 12% to $108.10, then limped along after hours. Rivian, which halved its initial 50,000 [production forecast](https://www.financedigest.com/feminine-hygiene-product-market-2021-global-leading-companies-analysis-revenue-trends-and-forecasts-2024.html "Feminine Hygiene Product Market 2021 Global Leading Companies Analysis, Revenue, Trends and Forecasts 2024") in mid-2022, said on Tuesday that it produced 24,337 vehicles last year at its Normal, Illinois, plant, and delivered 20,332. In the [fourth quarter](https://www.financedigest.com/german-gdp-contracted-by-0-4-in-the-fourth-quarter.html "German GDP contracted by 0.4% in the fourth quarter"), it built 10,020 and delivered 8,054. The shortfall in [expected production](https://www.financedigest.com/oil-rises-on-saudi-oil-production-expectations.html "Oil rises on Saudi oil production expectations") was the latest in a series of setbacks for the young company, which went public in November 2021. Like other EV makers, supply-chain disruptions have pressured Rivian, which also [shelved a plan](https://www.financedigest.com/british-pm-sunak-expected-to-shelve-plans-to-privatise-channel-4-ft.html "British PM Sunak expected to shelve plans to privatise Channel 4 -FT") in December to build delivery vans in Europe with Mercedes-Benz. Rivian earlier pushed back the production startup of its smaller R2 vehicle family to 2026 at the company’s planned $5 [billion plant](https://www.financedigest.com/intel-wants-5-billion-more-in-german-subsidies-for-chip-plant-bloomberg-news.html "Intel wants billion more in German subsidies for chip plant – Bloomberg News") in Georgia. In an email sent to employees on Tuesday, [Chief Executive](https://www.financedigest.com/exotix-draws-sberbanks-us-chief-executive-in-triple-hire-to-extend-global-capabilities.html "Exotix Draws Sberbank’s US Chief Executive in Triple Hire to Extend Global Capabilities") R.J. Scaringe said the company built 25,051 vehicles in Normal but counted only 24,337 as “factory gated” — that is, cleared for [delivery to customers](https://www.financedigest.com/bahamas-regulator-holds-ftx-assets-pending-delivery-to-customers-creditors.html "Bahamas regulator holds FTX assets pending delivery to customers, creditors"). More than 700 vehicles at year-end were awaiting parts, software validation, wheel alignment and charging, Scaringe said, and thus “can’t count toward our official figure.” He described the final production tally as “an incredible achievement” while crediting “the commitment and passion of our entire team.” Scaringe cited supply-chain issues that [closed the plant for 20 days and affected 50 other days, as well as bad weather that closed the factory](https://www.financedigest.com/nestle-closes-french-buitoni-factory-hit-by-e-coli-outbreak.html "Nestle closes French Buitoni factory hit by E.coli outbreak") five additional days. Rivian’s stock has plummeted [since it went public](https://www.financedigest.com/japans-emperor-gives-first-public-new-years-greeting-since-2020.html "Japan’s emperor gives first public New Year’s greeting since 2020") just 14 months ago. From a high of around $130 in early November 2021, the [company’s shares closed](https://www.financedigest.com/hundreds-of-tyson-foods-employees-to-depart-as-company-closes-offices-wsj.html "Hundreds of Tyson Foods employees to depart as company closes offices – WSJ") Dec. 30 at $18.43 and [continued to fall](https://www.financedigest.com/groundhog-day-banks-continue-to-fall-into-the-traps-of-the-past.html "Groundhog Day: banks continue to fall into the traps of the past") on Tuesday. Rivian’s market value is now below $15 billion, from a high of well over $100 [billion just after its IPO](https://www.financedigest.com/indias-2-7-billion-lic-ipo-subscribed-67-on-first-day.html "India’s .7 billion LIC IPO subscribed 67% on first day"). Rival Tesla’s shares tanked on Tuesday after the world’s largest [electric vehicle maker](https://www.financedigest.com/lack-of-electric-vans-opens-door-for-chinese-other-ev-makers.html "Lack of electric vans opens door for Chinese, other EV makers") missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles. Tesla shed another $50 billion in value on Tuesday and is now [worth](https://www.financedigest.com/why-a-quiet-revolution-in-the-cloud-is-worth-billions.html "Why A Quiet Revolution In The Cloud Is Worth Billions") $341 billion – down 72% from its $1.24 trillion peak exactly one year ago. (Reporting by Paul Lienert in Detroit and Akash Sriram in Bengaluru; Editing by Lisa Shumaker) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---