Electric vehicle maker Rivian cut its production targets this week amid an ongoing supply shortage, causing its stock to drop more than 3% on Friday.
Electric vehicle maker Rivian saw its shares dip Friday after the Irvine-based company cut its production targets amid ongoing supply issues. Citing a shortage of a component used to build its electric pickups, sport utility vehicles and vans, Rivian said production could drop as much as 18% this year at its lone U.S. assembly plant. Rivian did not specify the part that is in low supply but noted that the shortage has become more acute in recent weeks.
Rivan has nonetheless continued to struggle in the face of dropping demand for electric vehicles and other supply chain issues that forced the company to pause its production of commercial vans for Amazon.com in August. Early this year, the automaker announced a 10% cut in its workforce that sent stocks plummeting 25% in one day.
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