Rivian stock less bruised than Tesla as both miss EV targets

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Rivian stock less bruised than Tesla as both miss EV targets
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Electric vehicle maker Rivian Automotive barely missed its full-year production target of 25,000 vehicles in 2022, the company said in a filing late on Tuesday.

In an email sent to employees on Tuesday, Chief Executive R.J. Scaringe said the company built 25,051 vehicles in Normal but counted only 24,337 as "factory gated" -- that is, cleared for delivery to customers.

He described the final production tally as "an incredible achievement" while crediting "the commitment and passion of our entire team." Scaringe cited supply-chain issues that closed the plant for 20 days and affected 50 other days, as well as bad weather that closed the factory five additional days.

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