Rivian Automotive, Inc.

Rivian Automotive (RIVN) posted a wider-than-expected quarterly loss and provided 2024 production guidance that fell substantially below analysts’ expectations, sending the electric carmaker’s stock skidding more than 14% ahead of Thursday’s opening bell.

The company behind the all-purpose S1 SUV and 5-seat R1T truck disclosed a fourth-quarter per-share loss of $1.58, wider than the $1.35 a share loss Wall Street had expected. Sales for the period of $1.3 billion matched the consensus view.

Looking ahead, Rivian set its 2024 production guidance at 57,000 vehicles, considerably below the 81,700 units analysts had forecast and less than the 57,232 vehicles it produced last year. Typically, production volume and sales closely correlate in the 澳洲幸运5官方开奖结果体彩网:auto industry, meaning investors pay close attention to this important metric. The company also issued 2024 adjusted earnings before interest, taxes, depreciation, and amortization guida🐼nce (EBITDA), projecting a loss of $2.7 billion, slightly narrower than the $2.9 billion Street estimate.

"Economic and geopolitical uncertainties and pressures, most notably the impact of historically high 澳洲幸运5官方开奖结果体彩网:interest rates, have informed our expectations for 2024," the company said in its Q4 2023 shareholder letter. Rivian Chief Financial Officer Claire McDonough added during the company’s earnings call that she anticipates consumer and commercial vehicle deliveries to grow by low single digits this year.

Rivian also said Wednesday that it plans to cut 10% of its workforce in another indication that 澳洲幸运5官方开奖结果体彩网:EV manufacturers are looking to boost efficiencies amid shrinking margins from cutthroat competition and plateauing demand. Next month, Rivian intends to unveil its smaller and lower-priced R2 SUV that it hopes will broaden its accessible market. Currently, the carmaker’s flagship R1S SUV starts at a pricey $75,000.

In recent weeks, the RIVN share price has managed to remain above key support near a 澳洲幸运5官方开奖结果体彩网:horizontal line positioned around $15.20. Amid an earnings-driven 澳洲幸运5官方开奖结果体彩网:breakdown below this important chart level, monitor the stock’s record low at $11.68 set in April last year as a potential support area. A reversal 澳洲幸运5官方开奖结果体彩网:candlestick formation at this level, such as a 澳洲幸运5官方开奖结果体彩网:bullish engulfing pattern, could indic⛎ate that the stock has possibly bottomed.

Rivian shares were down 14.4% at $13.17 about three hours before Thursday's opening bell.

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