Shares of Rivian (RIVN, Financial) experienced a significant decline of 4.87% following the company's announcement to lower its annual 2024 production estimate, citing ongoing supply chain issues. The stock is currently trading at $10.25.Rivian Automotive Inc, listed under the ticker RIVN, faces a series of challenges that are impacting its market performance. The company's recent production estimate adjustment underscores persistent supply chain disruptions and component shortages that have hindered its ma ...

Key TakeawaysRivian missed quarterly delivery expectations and cut its 2024 production guidance as it faces a parts shortage.The EV maker said it has difficulty getting a component used in production of its R1S SUV and RCV commercial van.Rivian said the problem began in the third quarter and has become more acute in recent weeks. Rivian Automotive (RIVN) shares sank Friday as the electric vehicle maker missed third-quarter delivery estimates and slashed its full-year production outlook because of difficulti ...

Rivian Automotive (RIVN, Financial) faces a setback as it cuts its FY24 production guidance by up to 10,000 units due to worsening component shortages. This follows earlier warnings from CEO Robert Scaringe about supplier-related issues. Despite this, Rivian had maintained its guidance, showing some optimism in overcoming these challenges.RIVN's revised FY24 production outlook is now 47,000-49,000 vehicles, down from 57,000. This announcement has caused a sharp decline in share prices, which have dropped ne ...

Electric vehicle manufacturer Rivian’s (NASDAQ: RIVN) share price is recording losses following the company’s release of new production guidance for 2024.Rivian has faced sustained weakness, struggling to establish a foothold above the $10 support level. Over the past month, the stock has corrected by 22%, while its weekly chart reflects an almost 10% drop. The downward trend extended into the October 4 trading session, where RIVN was valued at $10.28 as of press time, marking a 4.6% drop in the past 24 hou ...

Rivian Automotive (RIVN, Financial) shares experienced a significant drop, with the stock falling by 7.05% following the company's announcement of revisions to its vehicle production forecasts due to part supply shortages. This adjustment affected both consumer R1 models and commercial delivery vans, though the decrease is not attributed to a lack of demand.Rivian announced a revised production forecast of 47,000 to 49,000 electric vehicles (EVs) for the year, down from the previous estimate of 57,000 units ...

Rivian has a supply problem.Rivian Automotive (RIVN -7.00%) stock is ending the week with a thud. Shares tanked Friday morning after the company provided its third-quarter vehicle delivery update and revised its 2024 production guidance.Rivian shares plunged as much as 8% when the company notified investors of a part supply shortage issue. The stock remained lower by 7.3% as of 10:30 a.m. ET.Production issue, not demandRivian said it now expects to manufacture between 47,000 and 49,000 electric vehicles (EV ...

Shares of U.S. electric vehicle startup Rivian Automotive (RIVN, Financial) declined after the company announced third-quarter vehicle deliveries fell short of analyst expectations. In addition, Rivian has revised its 2024 annual production forecast downwards. The target has been adjusted from 57,000 vehicles to a range of 47,000 to 49,000 vehicles.The company attributed the reduction in production targets to disruptions caused by shortages of shared components affecting the manufacturing of its R1 vehicles ...

Shares of Rivian Automotive dropped about 8% during premarket trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a "production disruption due to a shortage of a shared component" for its R1 vehicles and commercial van."This supply shortage impact began in Q3 of this year, ...

Rivian (RIVN, Financial) experienced a 6.3% decline in pre-market trading, approaching its lowest point in over four months. This drop follows the electric vehicle manufacturer's announcement of production disruptions, leading to a reduced delivery forecast for the year.For the third quarter ending September 30, Rivian reported deliveries of 10,018 vehicles, marking a 35.6% decrease compared to the previous year. Production fell by 19.3% to 13,157 vehicles. The company attributed these disruptions to a shor ...

Rivian says it will build fewer vehicles this year than it did in 2023, the result of a supply chain problem that popped up in the third quarter that has “become more acute in recent weeks.”The company did not specify what specific component is impacted. It only said that it is one shared by its R1 platform (which powers its pickup and SUV) and the RCV commercial van, and that it is located in the electric motors. The result is that Rivian now expects to finish 2024 having built between 47,000 and 49,000 ve ...