The company revises its 2024 production guidance midpoint to 48,000 vehicles, down from prior guidance of 57,000 vehicles.

Shares of Rivian fell after the electric-truck maker cut its production guidance for the year due to a component shortage. The stock recently stood about 7% lower. Shares had already fallen by more than half this year.

Shares of Rivian Automotive plummeted by as much as 8.9% during intraday trading on Friday after the electric vehicle (EV) startup announced lower-than-expected vehicle deliveries for the third quarter and slashed its annual production forecast for 2024.

Rivian cut its 2024 production targets. It said parts shortages was the reason. It hardly matters. It is in big trouble.

Electric vehicle maker Rivian cut its production targets this week amid an ongoing supply shortage, causing its stock to drop more than 3% on Friday.

Rivian slashed its full-year production forecast on Friday and missed third-quarter deliveries expectations due to a parts shortage and slowing growth in electric-vehicle demand, sending shares of the startup down nearly 9%.

Rivian’s stock took a dive Friday, after the electric vehicle maker said it was experiencing a supply shortage, prompting a cut to its full-year production guidance.

Rivian Automotive Inc. shares tumbled after the automaker cut its annual production target, citing a worsening supply crunch at its lone US assembly plant. The company now expects production to drop as much as 18% this year,

Rivian said on Friday it will build fewer vehicles this year than it did in 2023 due to a supply chain problem that popped up in the third quarter and has