Is Rivian Automotive Stock a Buy Now?
Rivian Automotive's (NASDAQ: RIVN) stock plunged 18% on March 1 after a triple whammy of bad news.
First, the electric vehicle maker posted a disappointing fourth-quarter report. It generated $663 million in revenue, which was a big jump from $54 million a year earlier but broadly missed analysts' expectations by $66 million. Its adjusted net loss widened from $1.24 billion to $1.59 billion, or $1.73 per share, but still cleared the consensus forecast by $0.22.
Second, Rivian announced that it had produced 24,337 vehicles in 2022, which missed its own target of 25,000. It had already halved the full-year target from 50,000 vehicles last March as it grappled with supply chain challenges. For 2023, it expects to more than double its production to 50,000 vehicles -- but that also missed the consensus forecast for over 62,000 vehicles.
Source Fool.com
