(Reuters) – Rivian Automotive Inc warned on Thursday that supply chain issues would limit its production in 2022 and said it expects to produce 25,000 passenger cars, sending the shares of the EV maker down more than 10% in extended trading.
Rivian made about 200 fewer vehicles than the production target of 1,200 vehicles it set for 2021, the company had said in a filing in January.
“Our manufacturing operations are making progress, and our plant is outrunning the constraints of our supply chain,” the company said in a letter to shareholders.
Rivian had earlier said it was facing inflationary pressures, including mounting component costs, unprecedented supply chain shortages and delays.
Rivian, other startups and legacy automakers such as Ford Motor Co and General Motors, face tough competition from market leader Tesla Inc as they aim to start delivering their electric vehicles in the near future.
The company reported a net loss of $2.46 billion, or $4.83 per share, in the fourth quarter, compared with $354 million, or $3.50 per share, from a year earlier. It posted revenue of $54 million.
(Reporting by Akash Sriram in Bengaluru and Paul Lienert in Detroit; Editing by Amy Caren Daniel)
