Reported 3 months ago
Rivian Automotive's stock fell approximately 4% after the company reduced its annual production forecast from 57,000 to between 47,000 and 49,000 vehicles, citing component shortages affecting its R1 and RCV platforms. Despite this downward revision, the company maintains its delivery target of 50,500 to 52,000 vehicles for 2024 and aims for positive gross margins by year-end, though achieving this has become uncertain.
Source: YAHOO