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Rivian's Misstep Might Have Hampered Its Full Year Output But Its EV Adventure Continues

Rivian's Misstep Might Have Hampered Its Full Year Output But Its EV Adventure Continues

Last week, Rivian Automotive (NASDAQ: RIVN) drastically slashed its 2024 outpout goal over yet another supply chain disrution. Bloomberg reported that a communication blunder left the EV maker without critical supplies. With this big blow to its supply chain, growth is in for a major setback this year as this supply chain fumble will cost Rivian 18% of this year’s annual production.Rivian Has Been Having A Hard TimeDuring the third quarter that ended on September 30th, Rivian made 13,157 EVs and delivered 10,018 of them, which was short of FactSEt’s estimate of 13,000.Due to a shortage of a component for its R1 vehicles and commercial van, Rivian lowered its 2024 target output of 57,000 units to a range between 47,000 and 49,000 vehicles. However, Rivian reaffirmed its annual delivery outlook, with low single-digit YoY growth despite the disruption, with the range being between 50,500 to 52,000 EVs.Worksport Ltd NASDAQ: WKSP) has some good news for Rivian R1T.Worksport Ltd just announced its existing lineup of ...Full story available on Benzinga.com

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