Rivian sold 13,972 electric vehicles in the final three months of 2023, 10% less than in the third quarter of 2023, and below analysts’ forecasts of 14,430.
The company blamed the delivery miss on high interest rates that have hurt consumer demand for its electric vehicles.
Rivian produced a total of 17,541 vehicles in the fourth quarter of 2023, up 7.5% from the previous third quarter.
For all of last year, Rivian made 57,232 electric vehicles, beating its own internal forecast of 54,000.
The latest drop in Rivian’s stock comes after news of a bond issuance last October sent the company’s shares sharply lower.
Despite the price drops, Rivian’s stock is up 22% over the last 12 months. However, the company’s share price is today 84% lower than its November 2021 market debut.
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