Rivian Automotive has lowered its annual production guidance by up to 10,000 vehicles due to an ongoing parts shortage, according to an Oct. 4 securities filing.
The electric vehicle maker said there’s a supply issue with a shared component on its R1 and RCV platforms that started in Q3. The ongoing shortage, which is affecting production, has become “more acute” in recent weeks, Rivian wrote in the filing.
Rivian now expects to manufacture between 47,000 and 49,000 vehicles in 2024, down from the 57,000 units it anticipated earlier this year.
The parts shortage comes roughly five months after Rivian retooled its Normal, Illinois, factory. The upgrade introduced new technologies and cost-focused material changes into the R1 platform, and also sped up the company’s manufacturing process by 30%.
At the time, Rivian said the plant retooling would enable it to produce 215,000 vehicles annually following the launch of its R2 model in early 2026.
While its 2024 production projections fell, Rivian reaffirmed its annual delivery outlook of low single-digit growth as compared to 2023, which is expected to be in range of 50,500 to 52,000 vehicles, the filing states.
In Q3, Rivian produced 13,157 vehicles and delivered 10,018 vehicles. That’s far less than the 16,304 vehicles manufactured and 15,564 deliveries reported during the same period last year.
The company will announce its Q3 earnings on Nov. 7 after market close.
