Rivian Slashes FY24 Production Guidance Amid Supply Chain Challenges

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 ...