Rivian Says It Is On Track For 2024 Delivery Targets Despite Production Challenges

Rivian Automotive (NASDAQ:RIVN) said on Thursday after market close that it is on track to turn a gross profit in the fourth quarter despite a production disruption flagged earlier this year.

What Happened: The EV maker on Thursday also reaffirmed its 2024 delivery outlook of 50,5000 to 52,000 vehicles for the full year, helping relieve investor worries.

Rivian cut its annual production forecast last month by as much as 18% to between 47,000 and 49,000 electric vehicles, citing production disruption owing to a component shortage. However, the production disruption will not seemingly impact the company’s delivery targets for the year.

For the third quarter, the EV startup reported ...

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