What's Going On With Rivian Automotive Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower due to a halt in production of its electric commercial van for Amazon, caused by a parts deficit. The halt began earlier this month at Rivian's Illinois factory. Despite the pause, production of R1 electric pickup and SUV models remains unaffected. Rivian expects to recover all missed production and has accumulated an excess of delivery vans awaiting shipment to Amazon.
August 16, 2024 | 2:59 pm
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NEGATIVE IMPACT
Rivian's shares are down 2.58% due to a halt in production of its electric commercial van for Amazon, caused by a parts deficit. The halt is temporary, and production of R1 models remains unaffected.
The halt in production of the electric commercial van for Amazon due to a parts deficit is a significant short-term issue for Rivian. However, the impact is somewhat mitigated by the fact that production of R1 models remains unaffected and the halt is expected to be temporary.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100