Rivian Shares Fall 3% After It Slashes 2024 Production Guidance

Quick Summary:

Shares of Rivian Automotive, Inc.(NASDAQ: RIVN) fell 3.2% to $10.44 after it announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance.

As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units.

The electric vehicle maker produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023.

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Author / Journalist: Zacks

Category: Technology

Markets: United StatesGeorgia

Topics: Earnings Large Cap Analyst Ratings Contributors News Small Cap RIVN BYDDY Trading Ideas VWAGY Guidance BLBD Markets Tech

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-07 @ 18:10:44 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 575 words

Reading Time: 4 minutes read

Sentences: 29 lines

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Copyright Owner: © Benzinga

News ID: 22929562

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