The US electric car manufacturer Rivian is lowering its production forecast for this year to between 47,000 and 49,000 electric vehicles. Although the company kept reaffirming its earlier production target,

Rivian slashed its full-year production forecast on Friday and missed third-quarter deliveries expectations due to a parts shortage and slowing growth in electric-vehicle demand, sending shares of the startup down nearly 9%.

Rivian said on Friday it will build fewer vehicles this year than it did in 2023 due to a supply chain problem that popped up in the third quarter and has

The company revises its 2024 production guidance midpoint to 48,000 vehicles, down from prior guidance of 57,000 vehicles.

Key Takeaways Rivian missed quarterly delivery expectations and cut its 2024 production guidance as it faces a parts shortage.The EV maker said it has difficulty getting a component used in production of its R1S SUV and RCV commercial van.

Shares of Rivian fell after the electric-truck maker cut its production guidance for the year due to a component shortage. The stock recently stood about 7% lower. Shares had already fallen by more than half this year.