Rivian announced it would produce fewer electric vehicles this year due to a parts shortage, significantly reducing its production outlook from the previous year.
This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues, affecting the production of the R1T, R1S, and commercial vans.
Lowering costs will be crucial for Rivian's survival as it plans for a lower-cost R2 model in 2026, aiming to expand accessibility in the EV market.
Rivian's stock has slipped nearly 50 percent this year, reflecting the increasing challenges in the EV industry, including high interest rates and demand fluctuations.
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