Shares of Rivian Automotive fell more than 6% in midday trading Friday after the electric vehicle startup lowered its annual production forecast for 2024. Rivian said the lower production target — down from 57,

Rivian slashed its full-year production forecast on Friday and missed third-quarter deliveries expectations due to a parts shortage and slowing growth in electric-vehicle demand, sending shares of the startup down nearly 9%.

After a supply shortage began in Q3, Rivian cut production plans for the year. It now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 target. With another 13,157 vehicles built in Q3, Rivian’s production total reached 36,749 through September.

Shares of Rivian fell after the electric-truck maker cut its production guidance for the year due to a component shortage. The stock recently stood about 7% lower. Shares had already fallen by more than half this year.

Rivian’s stock took a dive Friday, after the electric vehicle maker said it was experiencing a supply shortage, prompting a cut to its full-year production guidance.

Rivian Automotive Inc. shares tumbled after the automaker cut its annual production target, citing a worsening supply crunch at its lone US assembly plant.

Rivian slashed its full-year production forecast on Friday and missed third-quarter deliveries expectations due to a parts shortage and slowing growth in electric-vehicle demand, sending shares of the startup down nearly 4%.

Electric vehicle maker Rivian cut its production targets this week amid an ongoing supply shortage, causing its stock to drop more than 3% on Friday.

Key Takeaways Rivian missed quarterly delivery expectations and cut its 2024 production guidance as it faces a parts shortage.The EV maker said it has difficulty getting a component used in production of its R1S SUV and RCV commercial van.