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Rivian warns of impact from supply-chain woes, shares tumble -Breaking

by Mike Robinson

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© Reuters. A Rivian R1T pickup, the Amazon-backed electric vehicle (EV) maker, is driven outside the Nasdaq Market site during the company’s IPO in Times Square in New York City, U.S., November 10, 2021. REUTERS/Brendan McDermid

(Reuters] Rivian Automobile Inc. on Thursday warned of supply chain issues that would affect its production in 2022. It stated that it anticipates producing 25,000 passenger cars. The shares dropped more than 10% in extended trading.

Rivian produced 200 less vehicles than its 2021 production goal of 1,200 units, as the company stated in a January filing.

The company wrote to shareholders that “our manufacturing operations are progressing, and our plant outruns the constraints of the supply chain,”

Rivian previously stated that it faced inflationary pressures. This included rising component prices and unprecedented supply chain shortages.

Rivian, along with other startup and traditional automakers like Ford Motor (NYSE.) Co or General Motors (NYSE.), are facing stiff competition from Tesla Inc (NASDAQ.:) Inc. They plan to deliver their electric vehicles within the next few years.

In the fourth quarter of last year, it reported a loss of $2.46billion, or $4.83 per diluted share. This compares with a profit in 2013 that was $354m, or 3.50 per diluted share. Revenue was $54 million.

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