Rivian lowers 2024 production target to 47,000-49,000 vehicles due to supply chain issues.

Rivian has reduced its 2024 production target to 47,000-49,000 vehicles due to supply chain issues, down from an initial goal of 57,000. Q3 deliveries fell 27% to 10,018 vehicles, missing estimates and prompting a 7% drop in shares. Rivian is also seeking a federal loan to build a second assembly plant in Georgia, aiming to produce R2 and R3 SUVs by Q3 2027. Meanwhile, Volkswagen faces declining sales and plans to cut production in Europe.