Rivian's stock dives after production disruption leads to a deliveries guidance cut

Dow Jones10-04

MW Rivian's stock dives after production disruption leads to a deliveries guidance cut

Shares of Rivian Automotive Inc. $(RIVN)$ dropped 6.3% in premarket trading Friday toward a more than four-month low, after the electric vehicle maker said it was experience a production disruption, prompting a cut to its full-year deliveries guidance. For the third quarter to Sept. 30, the company said it delivered 10,018 vehicles, down 35.6% from a year ago, while it production fell 19.3% to 13,157 vehicles. The company said the production disruption was a results of a shortage of a shared component on the R1 and RCV model platforms. "This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues," the company said in a statement. As a result, the company lowered its full-year production guidance to between 47,000 and 49,000 EVs from 57,000 EVs. Meanwhile, the company affirmed its outlook for delivery growth in the low-single digit percentage range. The stock has plunged 54.1% year to date through Thursday, while the Global X Autonomous & Electric Vehicles ETF $(DRIV)$ has slipped 7.1% and the S&P 500 has gained 19.5%.

-Tomi Kilgore

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October 04, 2024 06:27 ET (10:27 GMT)

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For the third quarter to Sept. 30, the company said it delivered 10,018 vehicles, down 35.6% from a year ago, while it production fell 19.3% to 13,157 vehicles. The company said the production disruption was a results of a shortage of a shared component on the R1 and RCV model platforms. \"This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues,\" the company said in a statement. As a result, the company lowered its full-year production guidance to between 47,000 and 49,000 EVs from 57,000 EVs. Meanwhile, the company affirmed its outlook for delivery growth in the low-single digit percentage range. 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