FMP
Dec 20, 2021(Last modified: Dec 19, 2023)
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are down more than 18% since last Thursday following the company’s first quarterly update as a public company, with management indicating that it won’t meet production targets.
Q3 earnings results came in consistent with pre-announcements, with a significant increase in vehicle reservations, and supply chain and operational issues slowing down the company’s initial production ramp-up in the context of three vehicles being launched simultaneously.
And while the company’s ramp-up issues will result in fewer vehicles delivered in 2021, the analysts at Deutsche Bank believe that these problems are temporary in nature and have already been addressed.
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