Rivian stock hits 52-week low after company misses 2022 production target

Employees operate on an assembly line at startup Rivian Automotive’s electric auto manufacturing facility in Regular, Illinois, April 11, 2022.

Kamil Krzaczynski | Reuters

Shares of Rivian Automotive notched a new 52-week small on Wednesday soon after the business missed its 25,000-device output goal for past 12 months.

The EV startup late Tuesday explained it produced 24,337 motor vehicles in 2022, such as 10,020 in the fourth quarter. Of these, 20,332 motor vehicles have been sent to shoppers throughout the calendar year, such as a lot more than 8,000 from Oct by means of December.

The skipped focus on caps off a hard 12 months for the organization as effectively as Rivian investors. Shares of the automaker declined by more than 80% all through 2022 amid generation, areas and source chain problems.

Rivian claimed in the course of its IPO roadshow in 2021 that it anticipated to create 50,000 cars in 2022. But it slice that direction by half in March thanks to production and global source chain difficulties.

Shares of Rivian through early buying and selling Wednesday dipped by as much as 4.5% to $16.56 a share right before reversing system and gaining more than 2% to near at $17.71 a share. A calendar year back the inventory traded for $106.80 a share.

Shares of Rivian have fallen much more than 80% in the previous 12 months.