Rivian's Production Forecast Hits Bump, Supply Shortage Sends Shares Tumbling

Benzinga10-04

Electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower after the company lowered its annual production guidance due to a supply shortage of shared components on ...

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(NASDAQ:RIVN) shares are trading lower after the company lowered its annual production guidance due to a supply shortage of shared components on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/rivians-production-forecast-hits-bump-115236628.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1720051108.HKD","symbol_name":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/rivians-production-forecast-hits-bump-115236628.html","article_id":"2472955395","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/qozvIFas1pTYg3c4l8afVQ--~B/aD01NjM7dz0xMDAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/Benzinga/c5dab098f54cb5dce139d08a206cceab"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2472955395","pubTimestamp":1728042756,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Electric vehicle manufacturer Rivian Automotive, Inc.  shares are trading lower after the company lowered its annual production guidance due to a supply shortage of shared components on the R1 and RCV platforms.The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 cars during the same period.Rivian is experiencing a supply shortage that began in the third quarter of this year and has intensified in recent weeks.Also Read: Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report. In response, the company is revising its annual production guidance to a range of 47,000 to 49,000 vehicles .Additionally, Rivian is reaffirming its annual delivery outlook, anticipating low single-digit growth compared to 2023, with expected deliveries between 50,500 and 52,000 vehicles.According toBenzinga Pro, RIVN stock has lost over 54% in the past year. 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(NASDAQ:RIVN) shares are trading lower after the company lowered its annual production guidance due to a supply shortage of shared components on the R1 and RCV platforms.\nThe company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 cars during the same period.\nRivian is experiencing a supply shortage that began in the third quarter of this year and has intensified in recent weeks.\nAlso Read: Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report\nIn response, the company is revising its annual production guidance to a range of 47,000 to 49,000 vehicles (prior 57,000).\nAdditionally, Rivian is reaffirming its annual delivery outlook, anticipating low single-digit growth compared to 2023, with expected deliveries between 50,500 and 52,000 vehicles.\nAccording to Benzinga Pro, RIVN stock has lost over 54% in the past year. Investors can gain exposure to the stock via Renaissance IPO ETF(NYSE:IPO) and First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN).\nEarlier this week, the company’s top peer, Tesla, posted third-quarter deliveries and production numbers.\nTesla reported third-quarter deliveries of 462,890 vehicles, up 6.4% year-over-year and up 4.3% quarter-over-quarter. The company reported third-quarter production of 469,796 vehicles, up 9.1% year-over-year and up 14.4% quarter-over-quarter.\nPrice Action: RIVN shares are trading lower by 8.16% to $9.90 premarket at last check Friday.\nPhoto by Tada Images on Shutterstock\nRead Also: \n\nJobs Report In Focus: Will Slower Growth Push The Fed Toward November Interest Rate Cut?\n\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nThis article Rivian's Production Forecast Hits Bump, Supply Shortage Sends Shares Tumbling originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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