U.S. electric car maker Rivian cuts 2024 production forecast due to parts shortage
.png)
Rivian, a company that makes electric cars in America, has some bad news. It won't be able to make as many cars this year as they did last year because they can't get all the parts they need.
The company is now saying they'll only make between 47,000 and 49,000 cars this year. That's a lot less than the 57,000 they originally planned to make. For comparison, last year they made 57,232 cars and sold 50,122 of them. The problem is that they're missing some important parts that they use in all their vehicles - their trucks, SUVs, and delivery vans.
This problem started a few months ago and has gotten worse recently. Between July and September this year, they made 13,157 cars and sold 10,018 of them. This was less than experts expected. The company's not doing great in the stock market either. It's stock price has dropped by half this year, and today it fell another 10% before the market even opened. To stay in business, Rivian needs to find ways to save money.
The company planning to make cheaper cars in the future - one called R2 in 2026, and later an even cheaper one called R3. The company has also made a deal with Volkswagen: Rivian will share their technology, and in return, Volkswagen will give them $5 billion.
.png)
