Hyperdrive
Rivian Tumbles to Lowest Since IPO After Production Warning
- Electric-truck maker ‘has a lot on its plate,’ analyst says
- Company says that vehicle output to fall short of 2021 target
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Rivian Automotive Inc.’s shares fell to the lowest level since they started trading last month after the electric-truck maker’s debut earnings report revealed a slower-than-expected increase in production.
The buzzy company expects to fall “a few hundred vehicles short” of its goal to make 1,200 this year. R.J. Scaringe, Rivian’s chief executive officer, told analysts after Thursday’s close that ramping up production rates has been harder than anticipated.