Rivian warns supply issues to hit production, shares drop to record low

Rivian warns supply issues to hit production, shares drop to record low

Rivian warns supply issues to hit production, shares drop to record low

Information about Rivian warns supply issues to hit production, shares drop to record low

Kevin David Scam or Legit


By Akash Sriram and Nivedita Balu
(Reuters) – Rivian Automotive Inc shares skidded nearly 15% on Friday to hit a record low after the electric vehicle maker’s first result as a listed company highlighted the challenges it was likely to face in ramping up production to take on EV leader Tesla Inc.
Rivian’s shares slumped to $92.62 in early trading – opening below the $100 mark for the first time – and were still off about 11% in the afternoon. Before Friday’s decline, they had gained about 40% since the company’s blockbuster market debut in November.
Rivian announced plans on Thursday to build a $5 billion plant in Georgia to boost capacity, while flagging production challenges even as it receives about 2,000 pre-orders every week.

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Category – Automation

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