Shares of U.S. electric vehicle startup Rivian Automotive (RIVN, Financial) declined after the company announced third-quarter vehicle deliveries fell short of analyst expectations. In addition, Rivian has revised its 2024 annual production forecast downwards. The target has been adjusted from 57,000 vehicles to a range of 47,000 to 49,000 vehicles.
The company attributed the reduction in production targets to disruptions caused by shortages of shared components affecting the manufacturing of its R1 vehicles and commercial vans. Rivian noted that these supply shortages began impacting production in the third quarter and have worsened in recent weeks, leading to the revised production goals for 2024.
A spokesperson from Rivian indicated that the parts causing production issues are related to their in-house motor, but declined to provide further details.
