Rivian now says it will make fewer electric vehicles this year than it did in 2023

Rivian said it would marque less electrical vehicles this twelvemonth than it did successful 2023, resulting from a parts shortage. The quality came arsenic the institution reported 3rd 4th accumulation and transportation numbers that came successful beneath expert expectations.

Rivian says it expects to nutrient betwixt 47,000-49,000 vehicles this year, down from the 57,000 vehicles it primitively forecast. That fig was level from the erstwhile year, erstwhile the institution produced 57,232 conveyance and delivered 50,122.

Rivian said the disruption is owed to “a shortage of a shared constituent connected the R1 and RCV platforms,” referencing the company’s R1T and R1S vehicles, arsenic good arsenic its commercialized van platform. “This proviso shortage interaction began successful Q3 of this year, has go much acute successful caller weeks and continues,” the institution added.

It was the latest portion of grim quality to deed the nascent EV industry, which has suffered successful caller months from precocious involvement rates, cooling demand, and an unreliable charging infrastructure. Tesla, inactive the predominate player, also missed quarterly transportation estimates earlier this week. Rivian’s banal has slipped astir 50 percent this year, and was down 10 percent successful premarket trading.

Rivian said it produced 13,157 vehicles during the 3rd 4th and delivered 10,018 vehicles during the aforesaid period. That’s compared with estimates of 12,078, according to 15 analysts polled by Visible Alpha, according to Reuters.

Lowering costs volition beryllium important for Rivian’s survival. The institution has plans to present a lower-cost R2 model successful 2026, followed by an even much affordable R3 vehicle. Rivian precocious formed a associated task with Volkswagen that volition springiness the German car elephantine entree to its bundle and EV platform. In exchange, VW volition put $5 cardinal successful Rivian.