Rivian lowers production forecast and misses Q3 delivery expectations, stock falls 8%

From CNBC: 2024-10-04 08:21:17

Rivian’s shares fell 8% in premarket trading after disappointing third-quarter vehicle delivery numbers. The company lowered its annual production forecast to 47,000-49,000 vehicles due to a supply shortage of a shared component for R1 vehicles and commercial vans. CEO Scaringe mentioned challenges with multiple suppliers. Rivian aims for low single-digit growth in deliveries from 2023 to 2024 despite stock dropping by over 50%. In Q3, Rivian produced 13,157 vehicles and delivered 10,018, below analyst estimates of 13,000 deliveries.



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