Rivian’s Stock Plummets After Disappointing Q4 Results
Rivian Stock plummeted in after-hours trading on Wednesday following the company’s release of its fourth-quarter results, which fell short of Wall Street’s expectations. The electric adventure vehicle manufacturer reported a mixed performance for the quarter and issued a production and profit forecast that disappointed investors. Rivian disclosed its projection for 2024 vehicle production, estimating it at 57,000 units, significantly lower than the anticipated 80,000 units. Additionally, the company forecasted an adjusted EBITDA loss of $2.70 billion and capital expenditure outlays of $1.75 billion, missing analysts’ estimates of $2.59 billion and $2.37 billion, respectively. As a result of economic uncertainty, Rivian announced plans to reduce its salaried staff by 10%. Rivian Stock: Production and Profit Forecast Misses Expectations In response to the news, Rivian stock tumbled by over 15% during after-hours trading. For the fourth quarter, Rivian reported revenue of $1.32 bill...