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Electric vehicle (EV) startup Rivian’s stock price took a hit on Friday after the company announced a reduction in its 2024 production forecast and missed delivery targets for the third quarter.
The stock price dropped by around 8% during pre-market trading. This decline comes after Rivian lowered its annual production target from the previously announced 57,000 units to a range of 47,000 to 49,000. The company attributed this revision to a “production disruption” caused by parts shortages.
Furthermore, Rivian fell short of analyst expectations on deliveries for the third quarter, delivering only around 10,000 vehicles compared to the anticipated 13,000. This shortfall highlights the ongoing challenges faced by EV manufacturers, including supply chain issues.
The news raises concerns about Rivian’s ability to ramp up production and meet future demand. Investors will be closely watching how the company addresses these challenges and navigates the competitive EV landscape.
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