Rivian stock is down over 40% year to date as interest rate hikes plague high-growth stocks. However, the electric vehicle (EV) manufacturer recently made an exciting announcement concerning its management team. Tim Fallon will be joining Rivian as the vice president(VP) of manufacturing at the company’s plant in Normal, Illinois.
So, who is exactly is Tim Fallon?
Before joining Rivian, Fallon served in several positionsat Nissan(OTCMKTS:NSANY) for 16 years, most recently as the vice president of manufacturing at Nissan’s Canton assembly plant. Furthermore, Fallon received his bachelor’s degree in engineering from the Colorado School of Mines in 2001. It’s safe to say that he has extensive experience in the automobile sector.
Fallon will replace Erik Fields, who also has a background with Nissan. Fields served as Rivian’s manufacturing VP for less than 2 years.
In Normal, Fallon will guide the production and operation of electric vehicles. The 4,000-worker plant is already McLean County’s third-largest employer. Ultimately, Rivian has an annual output goal of 200,000 vehicles for the Normal plant. For its Georgia plant, the EV maker has an annual output goal of 400,000 vehicles.
During 2021, Rivian produced a total of 1,015 vehicles, which fell short of its 1,200 output goal. Out of those 1,015 vehicles, 920 were delivered. As of Dec. 15, the company had 71,000 preorders for its R1 class vehicles.
Investors in search of additional updates will have to wait until Rivian reports Q4 earnings. The company has confirmed that its earnings will be disclosed on March 10.
What to Expect From Rivian’s Q4 Earnings
According toYahoo Finance, analysts on average are expecting revenue of $60.08 million for Q4. During Q3, Rivian generated revenue of $1 million. For earnings per share (EPS), analysts are expecting a loss of $1.64. In terms of guidance, analysts are expecting revenue of $345.81 million and a loss per share of $1.21 for Q1.
The massive expected growth in revenue and EPS can be explained by Rivian fulfilling its preorders to customers. As Rivian works to boost its production capacity, investors ideally would like to see an increase in orders as well.
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