Tesla rival Rivian‘s stock price sank after its 2023 production forecast came in well below expectations and it issued its third recall in 16 months.
The electric-vehicle maker’s shares were down 13.2% at $16.76 at last check in early trading Wednesday, after it warned that supply-chain bottlenecks would continue to hinder its output this year.
Rivian posted a production target of 50,000 for 2023 as it released its fourth-quarter and full-year 2022 earnings report Tuesday. That’s 25% below the analysts’ estimate for over 67,000 units reported by Reuters, citing Visible Alpha data.
The guidance on output implies Rivian could see a significant cut to its 2023 revenue estimates, analysts said.