Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) fell 3.2% to $10.44 after it announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance. The electric vehicle maker produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023.
It delivered 10,018 vehicles, down from 15,564 units in the same period last year. Deliveries also missed expectations. FactSet's compiled analyst estimates anticipated third-quarter deliveries of 13,000 vehicles.
The company is facing production issues due to a component shortage on the R1 and RCV platforms. The supply shortage, which started in the third quarter, has worsened in recent weeks. As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units. However, it maintains its annual delivery estimate in the range of 50,500-52,000 vehicles.
In June, Rivian announced a $5 billion joint venture with Volkswagen AG ...
