Rivian Automotive lowered its annual deliveries forecast range due to the expiration of federal tax credits, causing shares to drop over 3.3%. Despite a 32% increase in deliveries, the EV industry faces uncertainty after the $7,500 tax credit on leasing was abolished. Rivian now expects to deliver between 41,500 and 43,500 vehicles this year, down from the previous range of 40,000 to 46,000 cars. High tariffs on auto parts have also impacted EV makers, increasing manufacturing costs and squeezing margins. Rivian’s margins may be further affected as the company prepares to launch its R2 SUVs next year.

Read more at Yahoo Finance: Rivian lowers annual deliveries forecast as tax credit expiry fans industry gloom