From Financial Modeling Prep: 2024-10-04 20:05:00

Rivian Automotive (NASDAQ:RIVN) shares fell 3% after cutting full-year production forecast due to a key component shortage affecting R1 and RCV platforms. New target: 47,000-49,000 vehicles, down from 57,000. Despite producing 13,157 and delivering 10,018 vehicles in Q3, supply chain issues persist.

Rivian maintains delivery outlook of 50,500-52,000 vehicles, slightly higher than last year. However, revised guidance suggests lower production compared to 2023. EV industry faces challenges with rising interest rates and inflation driving consumers towards more affordable options, impacting demand for electric vehicles in the current market climate.



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