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Rivian Warns Supply Chain Woes Will Hit Production

Rivian stock fell by more than 14% after hours Thursday after the electric vehicle maker said supply chain snags would hinder production this year and indicated it still had a long way to go to deliver on a much-hyped partnership with Amazon. The company delivered 909 vehicles in the fourth quarter, for a total of 920 vehicles delivered to customers in 2021. Those deliveries netted Rivian $54...

Rivian stock fell by more than 14% after hours Thursday after the electric vehicle maker said supply chain snags would hinder production this year and indicated it still had a long way to go to deliver on a much-hyped partnership with Amazon.

The company delivered 909 vehicles in the fourth quarter, for a total of 920 vehicles delivered to customers in 2021. Those deliveries netted Rivian $54 million in revenue for the quarter. The company posted a negative gross profit of $383 million and a net loss of $2.46 billion for the period.

Rivian said that it expects production to ramp up over the course of 2022. As of March 8, the company has produced 1,410 vehicles so far this year, or approximately 25 vehicles a day (not including a 10 day period earlier this year where it paused production for maintenance). Still, Rivian says that it expects to produce 25,000 vehicles by the year’s end.

On a call with investors, Rivian CEO RJ Scaringe declined to state the number of electric delivery vans that the company has delivered to Amazon thus far. Amazon, which has invested more than $1.3 billion in the electric vehicle maker, owns a 22% stake in Rivian. In 2019, Amazon announced plans to buy 100,000 electric delivery vans from the company, with the expectation that it would have 10,000 vans on the road by the end of 2022.

When asked for specifics on the state of Rivian’s arrangement with Amazon during a call with investors, Scaringe demurred. He said that Rivian was “in the process of ramping up production” on the electronic delivery vans, and that the fleet had yet to reach a “significant scale.”

The delivery vans that Rivian has produced are currently being used to help refine the custom operating system developed by the company to better suit Amazon’s needs, Scaringe said.

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