Rivian is slashing its annual forecast to 47,000–49,000 vehicles in 2024, down from 57,000 vehicles in its original prediction.
Rivian said it would make fewer electric vehicles this year than it did in 2023, resulting from a parts shortage. The news came as the company reported third quarter production and delivery numbers that came in below analyst expectations. Rivian says it expects to produce between 47,000 and 49,000 vehicles this year, down from the 57,000 vehicles it originally forecast. That number was flat from the previous year, when the company produced 57,232 vehicles and delivered 50,122.
It was the latest piece of grim news to hit the nascent EV industry, which has suffered in recent months from high interest rates, cooling demand, and an unreliable charging infrastructure. Tesla, still the dominant player, also missed quarterly delivery estimates earlier this week. Rivian’s stock has slipped nearly 50 percent this year and was down 10 percent in premarket trading.
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