Rivian Automotive Inc (NASDAQ:RIVN) shares tumbled in after-hours trading after the electric automaker posted production guidance that fell well short of analyst expectations.
The company said it aims to produce 50,000 vehicles in 2023, compared with analysts' expectations of 67,170 units, according to Visible Alpha.
In 2022, the company produced 24,337 vehicles, short of its target of 25,000, and delivered 20,332.
To add insult to injury, Rivian also announced a recall of over 12,700 vehicles — the company’s third recall since going public in November 2021 — due to a problem with a sensor in the front passenger seat-belt system.
That said, only about 100 vehicles are expected to need replacement parts, the company said.
The California company also cited widespread supply chain problems.
"The issue we have is that the supply constraint is, by far and away, the biggest constraint," CEO RJ Scaringe told analysts on a conference call.
"We wish we could have the components still to fully run the plant across all lines, across multiple shifts, but that's not the case."
Revenue for the quarter ended December 31 was $663 million, short of analysts' estimates of $742.4 million, while its loss of $1.73 per share was narrower than Street expectations of $1.94.
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