RIVN Stock Recent News
RIVN LATEST HEADLINES
Rivian Automotive (RIVN, Financial) faces a setback as it cuts its FY24 production guidance by up to 10,000 units due to worsening component shortages. This follows earlier warnings from CEO Robert Scaringe about supplier-related issues.
Electric vehicle manufacturer Rivian's (NASDAQ: RIVN) share price is recording losses following the company's release of new production guidance for 2024.
U.S. stock futures were higher this morning, with the Dow futures gaining over 50 points on Friday.
Rivian (RIVN, Financial) experienced a 6.3% decline in pre-market trading, approaching its lowest point in over four months. This drop follows the electric vehicle manufacturer's announcement of production disruptions, leading to a reduced delivery forecast for the year.
Rivian says it will build fewer vehicles this year than it did in 2023, the result of a supply chain problem that popped up in the third quarter that has “become more acute in recent weeks.”
Rivian revises its 2024 production guidance midpoint to 48,000 vehicles, down from prior guidance of 57,000 vehicles.
Rivian's stock took a dive Friday, after the electric vehicle maker said it was experiencing a supply shortage, prompting a cut to its full-year production guidance.
Rivian said it slashed its full-year production forecast on Friday and delivered fewer vehicles in the third quarter than analysts had expected, as the startup grapples with a parts shortage and slowing growth in electric-vehicle demand.