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 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.
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In response, the company is revising its annual production guidance to a range of 47,000 to 49,000 vehicles (prior 57,000).
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 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).
Earlier this week, the company’s top peer, Tesla, posted third-quarter deliveries and production numbers.
Tesla 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.
Price Action: RIVN shares are trading lower by 8.16% to $9.90 premarket at last check Friday.
Photo by Tada Images on Shutterstock
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This article Rivian's Production Forecast Hits Bump, Supply Shortage Sends Shares Tumbling originally appeared on Benzinga.com
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