Rivian Falls 7% as It Narrows Outlook for Full-Year Electric Vehicle Deliveries
Tiger Newspress
Oct 02
Rivian Automotive Inc. narrowed its annual delivery guidance toward the lower end of its prior range, the latest pullback as the electric-vehicle maker grapples with the loss of consumer incentives in the US.
Shares of Rivian fell over 7% to $13.57.
The company will deliver 41,500 to 43,500 vehicles this year, according to a statement Thursday, compared with a prior forecast of as many as 46,000. The new midpoint is down 500 vehicles, falling slightly below the 42,730 average of analyst estimates compiled by Bloomberg.
Rivian cut its forecast in May from as many as 51,000 deliveries this year.
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