The lawsuit calls for class-action status and a review by the Securities and Exchange Commission due to the timing of unprecedented price hikes on vehicle preorders. The earnings report follows a rough week for RivianД®arlier this week, an investor sued Rivian claiming that the company omitted pricing details at time of IPO filing. RivianвЂ™s IPO helped raise close to $14 billion, and despite only shipping a small handful of trucks since production started, the companyвЂ™s stock market value was nearly double that of FordвЂ™s. It was a noticeable drop, given the companyвЂ™s high-flying status over the past six months. Meanwhile, the companyвЂ™s share price fell over 25 percent. After an uproar, Scaringe issued a public apology. People who put down $1,000 to reserve one of the vehicles were incensed upon learning the original price quote had gone up by as much as $20,000. The earnings report follows a rough week for Rivian, which had to walk back a planned price increase for its electric R1T truck and R1S SUV after a customer backlash. It recorded a net loss of $2.5 billion in the fourth quarter and a net loss of $4.5 billion for the year. Rivian said it brought in $55 million in revenue over the course of the year, almost all of which in the last three months. вЂњWe are no doubt experiencing one of the most challenging supply chain environments the automotive industry has ever seen,вЂќ Scaringe said in an earnings call. вЂњthe supply chain will be a fundamental limiting factor in our total outputвЂќ

Without supply chain problems, the company said it would be able to make 50,000 vehicles. In a shareholder letter, the company said it expects to produce only 25,000 vehicle over the course of 2022, including its R1T truck and its electric delivery vans for Amazon. And Rivian has 83,000 customers who have pre-ordered a vehicle waiting in the wings, indicating that demand is strong for the companyвЂ™s premium EVs.Д«ut with supply chains constrained and the global chip shortage continuing to batter the auto industry, Rivian said it would be maintaining a modest production schedule for the rest of the year. Rivian CEO RJ Scaringe said that as of March 8th, the company has made 2,425 vehicles since the start of production. That number has increased since the start of new year. The company says it has delivered a total of 920 vehicles in 2021. Rivian, the buzzy electric vehicle company backed by Ford and Amazon, delivered 909 vehicles to customers in the fourth quarter of 2021, the company said in its second earnings report since its historic IPO last year.

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