Rivian (RIVN) shares took a hit after the company announced a mixed fourth-quarter performance and a production forecast that fell short of Wall Street's expectations. The electric adventure vehicle maker reported a lower-than-expected vehicle production target for 2024, with only 57,000 units projected compared to the anticipated 80,000 units. Rivian also foresees a significant adjusted EBITDA loss of $2.70 billion for the full year.

In an effort to combat economic uncertainty, Rivian revealed plans to reduce its salaried workforce by 10%. While the company managed to exceed revenue estimates for the quarter, it still reported an adjusted loss per share of $1.36. Despite facing challenging macro-economic conditions, CEO RJ Scaringe remains optimistic about Rivian's future and emphasized the importance of cost efficiency and achieving positive margins.

At the end of the fourth quarter, Rivian's cash reserves stood at $7.857 billion, down from the previous quarter's $9.1 billion. The company recently disclosed 13,972 deliveries for Q4, falling slightly below consensus estimates. However, production figures exceeded expectations, totaling 17,541 units.

Looking ahead, Rivian aims to unveil its affordable R2 EV on March 7th and plans to commence production at its new Georgia assembly plant by 2026. The company has reiterated its goal of achieving a "modest gross profit" by the end of 2024. Despite facing pressure from investors and concerns raised by analysts, Rivian remains focused on driving cost efficiency and long-term growth as it navigates the challenges in the EV market.