Rivian fell 6.3% pre-market on Friday, hitting a more than four-month low, as the electric auto manufacturer stated that the company is facing production disruptions leading to a downward revision of the annual delivery forecast.
The company reported that in the third quarter ending on September 30, they delivered 10,018 autos, a 35.6% year-on-year decrease, with production down 19.3% to 13,157 autos.
The company mentioned that the production disruptions were due to a shortage of a shared component on the R1 and RCV vehicle platforms.
In a statement, the company said: 'The impact of this supply shortage began in the third quarter of this year, has intensified in recent weeks, and is ongoing.'
As a result, the company has revised its annual production forecast from the previous 57,000 electric autos to 47,000-49,000 units.
Meanwhile, the company confirmed the prospect of delivery volume growth in the low single-digit percentage range.
As of Thursday, the company's stock price has fallen 54.1% year-to-date, while the Global X Autonomous & Electric Vehicles ETF (DRIV) has dropped 7.1% and the s&p 500 index has risen 19.5% during the same period.