Electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower after the company lowered its annual production guidance due to a supply shortage of shared components on the R1 and RCV platforms.
The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 cars during the same period.
Rivian is experiencing a supply shortage that began in the third quarter of this year and has intensified in recent weeks.
The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 cars during the same period.
Rivian is experiencing a supply shortage that began in the third quarter of this year and has intensified in recent weeks.
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NewsTranscript
00:00So Rivian shares are trading lower after the company lowered its annual production guidance
00:05due to supply change or supply shortage of shared component on the R1 and RCV platforms.
00:12So revises annual production guidance to be 47 to 49,000 vehicles. It was 57,000 vehicles prior.
00:21So again, they're basically lowering their production target by about 8,000 to 10,000
00:26vehicles here. Not good news for Rivian. We talked about this stock a little bit yesterday,
00:31down 8% before we opened the market. 10 bucks was support, multiple lows in that
00:38area. So I'll just say, technically, I don't know about their supply chain issues or whatever,
00:43but you got to look at this area from all these lows at the 10 bucks. So if people are saying,
00:49hey, this is a temporary thing, we'll catch a bid, hold 10 bucks and maybe get up to the lower
00:55part of yesterday's range. But that would be at 10.44. That's the technical comments I have on
01:00that. Like again, we talked about this one yesterday. Is there a place where Rivian,
01:05you know, this is a logical bounce area. Well, now we are actually at the bounce area. We talked
01:09about 10 yesterday when you were away, Joel, being a bounce area. It's here. It needs to
01:14bounce out of here. You don't want to see this continue to leak, but you never want to hear
01:17production cuts for any reason.