Rivian stock hits new 52-week low after missing 2022 production target

Employees work on an assembly line at start-up Rivian Automotive’s electric vehicle factory in Normal, Ill., on April 11, 2022.

Kamil Krzaczynski | Reuters

Shares of Rivian Automotive hit a new 52-week low on Wednesday after the company missed its production target of 25,000 units for last year.

The EV startup on Tuesday evening said it produced 24,337 vehicles in 2022, including 10,020 in the fourth quarter. Of these, 20,332 vehicles were delivered to customers during the year, including more than 8,000 from October to December.

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The missed target caps off a tough year for the company as well as Rivian’s investors. Shares of the automaker are down more than 80% in 2022 due to production, parts and supply chain issues.

Rivian said during its 2021 IPO round that it plans to build 50,000 vehicles last year. But it cut that forecast in half in March due to production and global supply chain issues.

Shares of Rivian in early trading Wednesday fell 4.5% to $16.56 per share before stabilizing at around $17 per share. A year ago, the stock traded at $106.80 per share.

Rivian shares have fallen more than 80% in the past 12 months.

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