Rivian Automotive, Inc. (NASDAQ: RIVN) has released its production and delivery figures for the third quarter ending September 30, 2024. The company's manufacturing facility in Normal, Illinois produced 13,157 vehicles during this period, while it delivered 10,018 vehicles.
However, Rivian is currently facing a production disruption due to a shortage of a shared component on the R1 and RCV platforms. This supply shortage began in Q3 of 2024, has intensified in recent weeks, and is ongoing. As a result, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles.
Despite the supply shortage, the company is maintaining its annual delivery outlook, expecting low single-digit growth compared to 2023, with a projected range of 50,500 to 52,000 vehicles.
Rivian also announced that it will release its third quarter 2024 financial results on November 7, 2024, after the market closes. The company will host an audio webcast at 5:00 p.m. ET the same day to discuss its performance and outlook for the business.
It's important to note that the live webcast will be available at https://edge.media-server.com/mmc/p/2m7m5wyb and a replay will be accessible for four weeks at www.rivian.com/investors following the webcast. The market has reacted to these announcements by moving the company's shares -4.4% to a price of $10.3. Check out the company's full 8-K submission here.
