But the young automaker still has ambitious plans.
In the short term, there's not a lot the California EV startup can do to speed output of the R1T pickup, R1S SUV and EDV delivery van, given supply chain bottlenecks for critical parts.
CEO RJ Scaringe said Thursday the Amazon-backed automaker continues to put maximum pressure on suppliers as it tries to surpass a production target of 25,000 vehicles this year, which is half the number it could make at its Normal, Ill., assembly plant if it had enough parts in the pipeline.
"While the near-term industry conditions remain very fluid, our path to creating long-term value is unchanged," Scaringe said during the company's fourth-quarter earnings call Thursday. "We are targeting the most attractive market segments with exceptional products."
Rivian reported a net loss of $2.46 billion in the fourth quarter compared with a loss of $354 million a year earlier. Revenue during the latest period tallied $54 million, well below investors' expectations of $60 million, according to Reuters.
Shares in Rivian fell 7.5 percent to close at $38.05 on Friday — after falling 6.3 percent on Thursday.