Rivian Shares Plummet as Production Forecast Slashed Amid Parts Shortage

The electric vehicle maker struggles with a component shortage, leading to lowered production targets and missed delivery estimates.

Rivian has reduced its 2024 production forecast from 57,000 to between 47,000 and 49,000 vehicles due to a parts shortage.
The company delivered 10,018 vehicles in the third quarter, falling short of the 12,078 expected by analysts.
Shares of Rivian have fallen significantly, trading down over 50% this year, with a recent drop of about 9% following the announcement.
The parts shortage affects components used in Rivian's R1 models and RCV commercial vans, which are crucial to its production line.
Rivian maintains its annual delivery outlook, projecting between 50,500 and 52,000 vehicles for the year, despite the production challenges.