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Citing a shortage of a component used to build its electric pickups, sport utility vehicles and vans, Rivian said production could drop as much as 18% this year at its lone U.S. assembly plant.
The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.
As a company, Rivian Automotive (NASDAQ: RIVN) has performed incredibly well since going public in 2021. Over that time frame, sales have risen by more than 1,000%, breaching the $5 billion mark ...
The cash influx from Volkswagen, with some coming later after certain milestones are met, will help Rivian ramp up the production of its new, lower-cost R2 model, which it plans to introduce in 2026.
Rivian's production issues come at a time when overall EV industry sales have slowed, while the company is also working toward a positive gross margin. While EV growth has slowed, it is still ...
After a long stretch of share price weakness, the market has finally started to shift its sentiment. Since the beginning of November, for instance, Rivian's stock value has increased by roughly 40%.
Bank of America analyst John Murphy downgraded Rivian to 'Neutral' from 'buy,' and lowered his price target to $13 from $20, due to demand concerns and the uncertainty coming from a new ...
As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,” the company said in a statement.