Rivian Automotive Inc. (Nasdaq: RIVN) lowered its 2024 production guidance from an initial 57,000 electric vehicles to between 47,000 and 49,000 units.
The Irvine-based EV manufacturer’s forecast points to a 14% to 18% decrease compared to its 2023 production of 57,232 vehicles.
Rivian said there is currently a shortage of a shared component on its R1 and commercial van platforms that is causing a production disruption.
Shares declined 3.8% to $10.37 apiece with a market cap of $10 billion during midday trading. Rivian’s stock fell as low as $9.82 earlier in the trading session.
“This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues,” the company said in a statement.
Rivian will report third quarter 2024 financial results after market close on Nov. 7.
