Rivian posted a loss of more than $2.4 billion in Q4 2022 as it faces massive challenges in ramping up production, according to a press release by Rivian on Thursday.

  • The Amazon-backed automaker has revised its production target for 2022 to 25,000, and it expects to lose more on lower production levels.
  • Rivian confirmed that it manufactured only 1,410 vehicles so far in 2022, which is slightly the same as it did in 2021.
  • Meanwhile, it included a production shutdown to upgrade the production lines, and the automaker now states that it doubled its exit rate over the last two weeks.
  • The automaker indicated that it would be ready to produce nearly 25,000 vehicles between its three models, R1T (pickup), R1S (SUV), and EDV (delivery van), but supply chain issues are limiting their guidance to 25,000 units this year.

On a positive note, the company is still sitting on $18 billion in cash as of the end of last quarter, and pre-orders remain strong at 83,000. RIVN: Nasdaq is down -0.61%