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