Jan 3 Reuters Electric vehicle maker Rivian Automotive barely missed its fullyear production target of 25,000 vehicles in 2022, the company said in a filing late on Tuesday.
Before the Securities and Exchange Commission released the filing, Rivian39;s shares closed down nearly 6 to 17.34, but saw little movement in afterhours trade.
Rival Tesla, which also missed its production targets, had a rougher trading day, as its shares plunged more than 12 to 108.10, then limped along after hours.
Rivian, which halved its initial 50,000 production forecast in mid2022, said on Tuesday that it produced 24,337 vehicles last year at its Normal, Illinois, plant, and delivered 20,332. In the fourth quarter, it built 10,020 and delivered 8,054.
The shortfall in expected production was the latest in a series of setbacks for the young company, which went public in November 2021.
Like other EV makers, supplychain disruptions have pressured Rivian, which also shelved a plan in December to build delivery vans in Europe with MercedesBenz. Rivian earlier pushed back the production startup of its smaller R2 vehicle family to 2026 at the company39;s planned 5 billion plant in Georgia.
In an email sent to employees on Tuesday, Chief Executive R.J. Scaringe said the company built 25,051 vehicles in Normal but counted only 24,337 as factory gated that is, cleared for delivery to customers.
More than 700 vehicles at yearend were awaiting parts, software validation, wheel alignment and…