Rivian (RIVN) stock tanked to a record low after the electric adventure vehicle maker reported mixed fourth quarter results and a production and profit forecast that missed Wall Street expectations.

Rivian said on Wednesday it sees vehicle production for 2024 hitting 57,000 units, well below the 80,000 units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion expected, with capital expenditure outlays hitting $1.75 billion vs. $2.37 billion estimated. Rivian said it would cut 10% of salaried staff, citing economic uncertainty.

Rivian stock fell more than 27% in midday trading on Thursday.

For the quarter, Rivian reported top-line revenue of $1.32 billion vs. estimates for $1.25 billion, with an adjusted loss per share of $1.36 vs. $1.33 estimated. On an adjusted EBITDA basis, Rivian reported a loss of $1.09 billion vs. $1.05 billion estimated, narrower than last year’s $1.46 billion loss.

“We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead. We firmly believe in the full electrification of the automotive industry, but recognize in the short term the challenging macro-economic conditions," Rivian CEO RJ Scaringe said in a statement. "We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth."

"Perhaps more worrisome [than Q4 results], the company’s 2024 guidance appears aggressive, as it assumes an improvement in order rate, and seemingly incorporates no price cuts; Rivian also reiterated its goal of reaching positive gross margin in 4Q23 which seems optimistic amid demand concerns," Deutsche Bank analyst Emmanuel Rosner wrote in a note to clients on Thursday morning.

In terms of its cash cushion, Rivian said it had $7.86 billion in cash and cash equivalents at the end of Q4, down from the $9.1 billion it had at the end of Q3.

Earlier this month, Rivian reported 13,972 deliveries in Q4, up significantly from a year ago but below consensus estimates of 14,300. Production was notably higher at 17,541 units, above estimates of 16,574.

Rivian CFO Claire McDonough said on the earnings call that Rivian expects Q1 2024 deliveries to be 10% to 15% below Q4 2023 deliveries.

“During this quarter some of the supplier changeover that we’re working on [stemming from Q2 shutdown and enhancements], we’re going to start to feel the impact of them,” Scaringe added on the call. Some vehicles in Q1 won’t be deliverable to customers because they are missing components, he said.