Shares of Rivian tumbled nearly 11% on Friday—hitting a new record low since the company’s blockbuster IPO last month
—after the electric truck maker warned that it would miss its 2021 production target due to ongoing supply chain issues.... [+]Rivian’s stock fell as much as 15%—a new low point of less than $100 per share—before paring back losses and finishing the day down over 10%.
Despite a surge in customer orders, with reservations for Rivian’s electric pickup trucks and SUVs up 28% from last month, the company said that it will be “a few hundred vehicles short” of its 2021 production target of 1,200 vehicles. Rivian attributed the miss to ongoing supply chain issues, as well as problems with ramping up battery production to power the electric vehicles—though CEO RJ Scaringe said that didn’t “present any long-term challenges.”
The company said in its earnings release that as of December 15, it had so far produced 652 R1T pickups and R1S SUVs, with 386 of those delivered so far. at a $90 billion valuation on November 10 in what was one of the biggest IPOs of the year.“Ramping up a production system like this, as I said before, is a really complex orchestra,” Scaringe told investors on Thursday.
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