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Workers assemble second-generation R1 vehicles at electric automaker Rivian’s manufacturing plant in Normal, Illinois, United States, June 21, 2024.
Joel Ángel Juarez | Reuters
Actions of Rivian Automobile fell about 8% in premarket trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts expected and lowered its annual production forecast for 2024.
THE the company said the lower production target – from 57,000 units to between 47,000 and 49,000 – was due to a “production interruption due to a shortage of a common component” for its R1 vehicles and commercial van.
“This impact on the supply shortage began in the third quarter of this year, has increased in recent weeks and continues. Due to the supply shortage, Rivian is revising its annual production guidance to between 47 000 and 49,000 vehicles,” the company said in a statement. a declaration.
A Rivian spokesperson said the component causing the problem was part of its internal motors, but it declined to disclose further details.
Rivian CEO RJ Scaringe, at a conference with Morgan Stanley investors last month, hinted at issues with a number of suppliers: “We’ve had some recent issues with our suppliers that have been difficult and in particular, some issues regarding our internal engines. with some of the components that have been painful and a reminder of how difficult a multi-tiered supply chain can be.
Rivian, Tesla and GM stocks in 2024.
Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth from 2023, which it expects to be in the range of 50,500 to 52,000 vehicles.
Rivian revealed the parts shortage as part of its vehicle production and delivery report for the third quarter.
The company produced 13,157 vehicles at its Normal, Illinois, production facility during the period ended September 30 and delivered 10,018 vehicles during that period. Analyst estimates compiled by FactSet called for deliveries of 13,000 vehicles during the third quarter.
Rivian shares fell more than 50% in 2024 as demand for electric vehicles was slower than expected and the company burned through a significant amount of cash.