Shares of Rivian fell after the electric vehicle (EV) startup provided production guidance of 50,000 vehicles for 2023. This was significantly lower than the analyst expectations of 62,797 vehicles. The most recent quarter’s sales for Rivian came in at $663 million, which is lower than the $717.3 million that was anticipated.
Michael Shlisky, an analyst at DA Davidson, stated on Yahoo Finance Live shortly after the results were announced that “in general, most of these data look to be a touch weak.” The analyst Shlisky has assigned an Underperform rating to the company and set a price objective of $23.
Rivian also made the announcement on Tuesday that it will be recalling 12,716 vehicles due to an issue with the sensors. Rivian, much like other EV businesses that are attempting to build up their production, has encountered difficulty over the past year with their supply chain.
“The blockbusters are doing great, it’s just the volume of content is not quite back where it used to be [pre-pandemic],” analyst Alicia Reese of Wedbush Securities told Yahoo Finance Live on Tuesday.
Said Reese, who has an Underperform rating on the stock-
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