Rivian shares hit a 52-week low after the corporate missed its 2022 manufacturing goal

Employees work on an assembly line at the electric vehicle factory of start-up Rivian Automotive in Normal, Illinois, April 11, 2022.

Kamil Krzaczynski | Reuters

shares of Rivian Automotive posted a fresh 52-week low on Wednesday after the company missed its production target of 25,000 units for last year.

The EV startup announced late Tuesday that it has produced 24,337 vehicles in 2022, including 10,020 in the fourth quarter. Of these, 20,332 vehicles were delivered to customers over the course of the year, including more than 8,000 from October to December.

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The missed target crowns a difficult year for the company and the investors of Rivian. The automaker’s shares fell more than 80% in 2022 on production, parts and supply chain issues.

Rivian said during its IPO roadshow in 2021 that it expects to build 50,000 vehicles in 2022. However, that forecast was cut in half in March due to issues in manufacturing and the global supply chain.

Rivian shares fell as much as 4.5% during early trading Wednesday to $16.56 a share before reversing and gaining more than 2% to close at $17.71 a share. A year ago, the stock was trading at $106.80 per share.

Rivian shares have fallen more than 80% over the past 12 months.

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