Shares of $Rivian Automotive(RIVN.US)$plummeted 10% in after-hours trading Thursday after CEO RJ Scaringe and other executives reported a surge in customer reservations but cut vehicle production expectations for the year.
Rivian said it expects to fall “a few hundred vehicles short” of its 2021 production target of 1,200 vehicles.
Aside from the production snags, Rivian said total reservations for its electric R1T pickup and R1S SUV increased to 71,000 as of Dec. 15, up 28% compared with the most recent tally of 55,400 vehicles in November.
Also, a new battery and assembly plant announced Thursday will be east of Atlanta and is expected to facilitate production of up to 400,000 vehicles per year, Rivian said. Construction on the facility is expected to begin in summer 2022, and the start of production is slated for 2024.
Still having faith in Rivian? Or which messages above changed your thoughts on it?
Source:
Rivian shares slide after company cuts 2021 EV production expectations

By Danilo
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures were little changed in early morning trading on Wednesday as investors readied for Wednesday's highly anticipated Federal Reserve decision.
- The planned $2.5 trillion increase to the borrowing limit should push the next standoff between Democrats and Republicans in Congress past next year's midterm elections.
Market Snapshot
U.S. stock futures were little changed in early morning trading on Wednesday as investors readied for Wednesday's highly anticipated Federal Reserve decision.
$Dow Jones Industrial Average(.DJI.US)$ futures gained 33 points. $S&P 500 Index(.SPX.US)$ futures was flat, and the $NASDAQ 100 Index(.NDX.US)$ futures hovered below the flatline.
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Source: CNBC, Dow Jones Newswires, Bloomberg