Shares of Rivian Automotive tumbled in after-hours buying and selling Thursday after the corporate missed Wall Road’s fourth-quarter earnings expectations and forecast a modest improve in car manufacturing for 2022.

Shares of the automaker had been down by greater than 14%, after earlier hitting a brand new 52-week low Thursday.

Rivian mentioned it expects to provide 25,000 electrical vehicles and SUVs this 12 months, as the electrical car start-up battles by provide chain constraints and inner manufacturing snags. It mentioned reservations for its autos have reached about 83,000 as of March 8, up from 71,000 in December.

“Within the rapid time period, we aren’t resistant to the availability chain points which have challenged your complete business. These points, which we consider will proceed by at the very least 2022, have added a layer of complexity to our manufacturing ramp-up,” the corporate mentioned in a letter to shareholders Thursday.

The rise in manufacturing will come alongside an adjusted working lack of $4.75 billion and capital expenditures of $2.6 billion this 12 months, the corporate forecasted Thursday when reporting its fourth-quarter outcomes.

This is how Rivian carried out, in contrast with analysts’ estimates as compiled by Refinitiv:

• Adjusted loss per share: $2.43 vs. $1.97 a share anticipated
• Income: $54 million vs. $60 million anticipated

For 2022, Refintiv consensus estimates put Rivian’s full-year adjusted loss per share at $4.97 and income at about $3.16 billion. Rivian didn’t disclose a income forecast.

Rivian reported an adjusted working lack of $2.8 billion for 2021, together with $1.1 billion within the fourth quarter. Its web loss was $4.7 billion in 2021, together with $2.5 billion throughout final quarter.

The corporate stays financially sound, with $18.4 billion in money available on the finish of final 12 months. Rivian has mentioned it expects capital expenditures to be about $8 billion by the top of 2023. The corporate beforehand set a manufacturing aim of 150,000 autos per 12 months by that date.

Rivian CEO R.J. Scaringe mentioned the corporate can be able to producing greater than 50,000 models this 12 months if there have been no issues within the provide chain.

“We’re working as exhausting as we are able to to get the suppliers ramped,” he instructed traders Thursday.

Shares of Rivian, which went public in November, are down about 60% this 12 months, after the corporate missed manufacturing targets for 2021.