Reported 3 months ago
Rivian has revised its full-year production forecast down to between 47,000 and 49,000 vehicles due to a parts shortage affecting its R1 SUVs, R1T pickups, and delivery vans. This adjustment follows a missed expectations in third-quarter deliveries, contributing to a nearly 9% drop in its shares. The overall slowdown in electric vehicle demand, influenced by high interest rates leading consumers to prefer cheaper hybrids, has impacted the company and the industry, including market leader Tesla.
Source: YAHOO