on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles, sending its shares down more than 8%.
The recall, Rivian's third since it went public in November 2021, was triggered by an issue with a sensor in the front passenger seat-belt system. However, the company estimated that fewer than 100 vehicles will require the part to be replaced.The Irvine, California-based company, like the broader auto industry, has been battling supplier shortages sparked by worldwide lockdowns during the COVID-19 pandemic.
Those issues and bad weather forced the company to shut its Normal, Illinois, facility for weeks, which also hurt production. "The issue we have is that the supply constraint is, by far and away, the biggest constraint," Chief Executive R.J. Scaringe said in a conference call with analysts.
Just wait until they learn about graphite and lithium. bottlenecks supplychains criticalminerals
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Rivian sees 2023 production well below estimates, recalls over 12,700 vehiclesRivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. If continue to suicide the Best Industries✌️💰✌️ following the lefties' anti-capitalistic hypocrisy...😰😰😰 Oh My Because their prices are INSANE!!! I wanted one so bad and was like..I could by 3 Ford Explorers for that much. So I bought TWO!!!
Source: Reuters - 🏆 2. / 97 Read more »
Rivian stock sinks after earnings miss, weak outlookRivian lost $1.7 billion, or $1.87 a share, in the recent quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year. Sales were below expectations. $RIVN dropped in after-hours trading: Bankruptcy in the next 12 months . . . Time to buy CenntroMotors amazon Are you comparing stock price drops for a quarter relative to the past year? There couldn’t possibly be any implications to be drawn from that useless data ?
Source: MarketWatch - 🏆 3. / 97 Read more »
Rivian stock sinks more than 8% after revenue miss, weak outlookEV maker Rivian reveals struggles with parts shortages and other manufacturing hiccups as it tries to ramp up production. “The belief was that Rivian could do a lot better in 2023,” one analyst says.
Source: MarketWatch - 🏆 3. / 97 Read more »