Rivian Automotive (NASDAQ: RIVN), an electric vehicle (EV) startup, is grappling with significant production challenges that have led to a revision of its 2024 manufacturing targets. The company’s stock took a hit, dropping over 9% following the announcement of these setbacks. Rivian has cut its annual production forecast for 2024 from 57,000 units to 47,000–49,000 vehicles. This reduction stems from a supply shortage of a critical component used in both its R1 model and RCV platform.  “This supply shortage impact began in Q3 of this year, has become more acute in recent weeks, and continues,” Rivian stated in its press … Continue reading Rivian Slashes 2024 Production Forecast by 8,000 Vehicles Amid Critical Supply Shortage, Stock Plunges 9%