(Rivian) Shares of electric maker Rivian fell up to 13% on Friday after it booked sales of $54 million in the fourth quarter of 2021, missing estimates of $60 million.
Rivian’s sales in the fourth quarter were from delivery of 909 vehicles or 920 total deliveries for FY21.
The company reported a gross loss of $383 million in the fourth quarter and a gross loss of $465 million in FY21.
Overall net loss in the fourth quarter by the EV maker was reported at $2.461 billion, widening from a net loss of $353 million in the prior year.
Rivian CEO RJ Scaringe attributed the quarterly loss to headwinds in its production. They included supply chain limitations, a spike in the Omicron variant, severe winter in central Illinois, and a planned 10-day close of its production lines.
Scaringe warned that going forward, and the company faces challenges in obtaining battery modules and some other parts. The company halved its production capability in 2022 to 25,000 units.
RIVN: NASDAQ is down -11.27% on premarket
