Rivian (NASDAQ:RIVN) Misses on 2022 Production Target
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Rivian (NASDAQ:RIVN) Misses on 2022 Production Target

Story Highlights

Rivian’s 2022 production numbers fell short of its full-year target of 25,000 units. The supply-chain issues throughout the year hampered production.

Rivian Automotive (NASDAQ:RIVN) produced 24,337 vehicles in 2022, marginally missing its full-year production target of 25,000 units. This was due to persistent supply-chain issues throughout the year, which caused shutdowns of the company’s assembly line on multiple occasions.

For the fourth quarter, Rivian disclosed that it produced 10,020 vehicles at its Normal, Illinois, manufacturing facility and delivered 8,054 units.

Marred by disruptions in the supply of critical parts, Rivian has postponed some of its growth plans. Last month, the company said that it would not move forward with its plan to make electric vans in Europe in partnership with Mercedes-Benz.

Rivian engages in the design and manufacturing of electric vehicles and accessories. The Amazon (AMZN)-backed company went public in November 2021.

Should You Buy Rivian?

Turning to Wall Street, RIVN stock has a Moderate Buy consensus rating. This is based on 12 Buy, four Hold, and two Sell recommendations. The average RIVN price target is $42.13, implying 143% upside potential.

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