Rivian now says it’s going to make fewer electrical automobiles this yr than it did in 2023

Rivian stated it might make fewer electrical automobiles this yr than it did in 2023, ensuing from a components scarcity. The information got here as the corporate reported third quarter manufacturing and supply numbers that got here in beneath analyst expectations.

Rivian stated the disruption is because of “a scarcity of a shared part on the R1 and RCV platforms,” referencing the corporate’s R1T and R1S automobiles, in addition to its business van platform. “This provide scarcity affect started in Q3 of this yr, has develop into extra acute in latest weeks and continues,” the corporate added.

It was the most recent piece of grim information to hit the nascent EV business, which has suffered in latest months from excessive rates of interest, cooling demand, and an unreliable charging infrastructure. Tesla, nonetheless the dominant participant, additionally missed quarterly supply estimates earlier this week. Rivian’s inventory has slipped practically 50 p.c this yr and was down 10 p.c in premarket buying and selling.

Rivian stated it produced 13,157 automobiles throughout the third quarter and delivered 10,018 automobiles throughout the identical interval. That’s in comparison with estimates of 12,078, based on 15 analysts polled by Seen Alpha, as reported by Reuters.