07
Oct
The stock price of electric vehicle (EV) startup Rivian took a hit Friday after the company announced a reduction in its 2024 production forecast and missed delivery targets for the third quarter. The stock price fell about 8% in premarket trading. This drop comes after Rivian lowered its annual production target from the previously announced 57,000 units to a range of 47,000 to 49,000. The company attributed this revision to a “production disruption” caused by component shortages. Rivian also didn't meet analysts' expectations for deliveries for the third quarter, delivering only about 10,000 vehicles versus the expected 13,000. This shortage…