Rivian Slashes 2024 Production Forecast by 8,000 Vehicles Amid Critical Supply Shortage, Stock Plunges 9%

Sunita Somvanshi Sunita Somvanshi

Supply chain shortages made Rivian, an US-based EV startup, cut down their production from 57,000 vehicles to 47,000-49,000.

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It is in Quarter 3, and the company started observing supply chain shortages, getting worsened with passing days.

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Analysts predicted 12, 078 units would be delivered; however, only 10,018 units were delivered.

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Rivian stocks dropped by a whopping 9% after the news cracked.

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During quarter 2, CEO RJ Scaringe expressed hope, as the supply chain was improved.

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At a glance, the whole EV market is facing issues because of high interest rates.

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EVs are still doubted because of challenges around the charging infrastructure.

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Despite all the problems, Rivian expected to deliver around 50,500 to 52,000 units.

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Rivian strategy can be further unfolded after a detailed report launched on 7th November.

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