Rivian Stock Plunges 26% on 2024 Production Guidance That Stalls at 2023 Level
Shares of Rivian Automotive (NASDAQ: RIVN) plummeted 25.6% on Thursday, following the electric vehicle (EV) maker's release on the prior afternoon of its fourth-quarter 2023 report.
The stock's decline is largely attributable to management issuing 2024 production guidance that's only in line with the number of vehicles the company produced in 2023. Rivian cited "economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates" for its cautious 2024 production outlook that, no doubt, disappointed many investors.
The fourth-quarter's headline numbers were roughly as expected by Wall Street. Revenue was slightly higher than the analyst consensus estimate, while the adjusted loss per share was a little wider than it.
Source Fool.com
