Rivian underperformed like Tesla in Q4 sales
US-based electric car manufacturer Rivian’s share price is up only slightly in Tuesday aftermarket trading despite the group underperforming on sales in the fourth quarter of 2022 – same as Telsa.
The former delivered 8,054 vehicles during the period. For comparison, traders on Wall Street had counted on 8,713 sold units, reports Bloomberg News.
Rivian’s quarterly production totaled 10,020 relative to the US media’s compiled consensus estimate of 10,892 vehicles.
Throughout 2022, production came to 24,337 units, with 20,332 delivered to customers.
Electric pickups are Rivian’s specialty.
Tuesday, the EV maker’s valuation slumped by 5.9% in standing trading.
Tesla underachieved
Looking at rivaling Tesla, performance thus far in 2023 marks a continuation of the company’s southern detour, whereby the EV manufacturer’s share price dove by 12.2% to USD 108.10 on the first open exchange day of the year – the lowest level since August of 2020.
This setback took place Monday after Tesla presented sales figures for the fourth quarter of 2022 which, despite record numbers of delivered vehicles, turned out lower than analysts had projected.
In Q4’22, Tesla delivered 405,278 units to customers against the Bloomberg-compiled analyst forecast of 420,760, thus marking the third consecutive quarter of the manufacturer undershooting the Wall Street market outlook.
Quarterly production totaled 439,701 against consensus of 438,840.
For full-year 2022, unit output came to 1,369,611 vehicles, with 1,313,851 sent to buyers. Tesla thus missed its 50% annual growth target last year after raising deliveries by 40% and boosting production by 47%.
In the wake of weak delivery data, a row of market analysts have downgraded their target prices for the Tesla stock.
Deutsche Bank, among others, now targets USD 250 a share against the earlier figure of USD 270, while RBC Capital targets USD 186 against USD 225. Truist Securities has also lowered its Tesla target price to USD 299 from USD 348, and JPMorgan Chase has for its part gone as low and USD 125 from USD 150.
Throughout 2022, Tesla’s equity depreciated by 65%.
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