Plunge

2024

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<p class="has-drop-cap">Electric vehicle manufacturer Rivian Automotive Inc. (NASDAQ: RIVN) experienced a significant downturn Wednesday, as its shares plummeted following the release of <a href="https://rivian.com/newsroom/article/rivian-releases-fourth-quarter-full-year-2023-financial-results" target="_blank" aria-label="fourth-quarter results (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">fourth-quarter results</a> and a reduced production forecast for 2024. <br><br>Despite outperforming revenue expectations with $1.32 billion in the fourth quarter, the company’s announcement of a projected 57,000 vehicle production—substantially below the anticipated 80,000—coupled with plans to eliminate 10% of its salaried workforce due to economic challenges, sent its stock price into a steep decline. <br><br>Rivian’s stock further declined in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="dofollow" class="deco-link">after-hours trading</a>, highlighting investor concerns over its future performance and operational adjustments aimed at navigating an <a href="https://tokenist.com/rivian-vs-tesla-which-ev-stock-offers-more-opportunity-for-growth/" class="deco-link">increasingly competitive electric vehicle market</a>.</p> 
<h3 id="rivian-shares-plunge-after-mixed-q4">Rivian Shares Plunge After Mixed Q4</h3> 
<p>Electric vehicle maker Rivian Automotive Inc. reported mixed results for the fourth quarter and provided a disappointing production forecast for 2024. The company expects to manufacture 57,000 vehicles this year, well below previous projections of 80,000. Rivian cited economic headwinds as it announced plans to cut 10% of its salaried workforce.</p> 
<p>Despite the lower production outlook, Rivian posted fourth-quarter revenue of $1.32 billion, exceeding Wall Street’s estimate of $1.25 billion. However, it reported an adjusted loss per share of $1.36. The company ended 2023 with $7.86 billion in cash and equivalents, down from $9.1 billion at the end of the third quarter. Its adjusted EBITDA loss narrowed to $1.096 billion from the prior year.</p> 
<p>Looking ahead, Rivian forecast an adjusted EBITDA loss of $2.70 billion for 2024 and capital expenditures of $1.75 billion. Both figures came in lower than analysts’ expectations. The company reaffirmed its goal of reaching “modest gross profit” by year-end and said it aims to near a positive contribution margin by late 2023. Rivian plans to unveil a more affordable R2 electric vehicle in March and targets production at its new Georgia plant for 2025.</p> 
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<h3 id="rivn-down-in-extended-trading">RIVN Down in Extended Trading</h3> 
<p>Rivian Automotive Inc.’s stock plunged Wednesday, tumbling $2.24 or 14.1% to close at $13.65 on an extremely heavy volume of 47.5 million shares traded. That exceeded the struggling electric vehicle maker’s average daily volume of 33.8 million shares. </p> 
<p>The stock fell further in extended trading, dropping another $1.44 or 10.5% to $12.66. Rivian has had a volatile 52-week range of $11.68 to $28.06 per share. Despite Wednesday’s plunge, the company maintained a market capitalization of around $14.7 billion based on its latest share price.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Do you think the demand for EVs will pick up this year? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/rivian-rivn-stock-plunges-over-17-on-mixed-q4-results/">Rivian (RIVN) Stock Plunges Over 17% on Mixed Q4 Results</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Rivian (RIVN) Stock Plunges Over 17% on Mixed Q4 Results

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