Rivian Stock Sinks on Deliveries Miss, Production Outlook
Rivian stock is spiraling Friday after the EV maker reported dismal Q3 deliveries and cut its production outlook for the year. Here's what you need to know.


Rivian Automotive (RIVN) stock is sinking in Friday's session after the electric vehicle (EV) maker came up short of delivery expectations for its third quarter and lowered its production outlook for 2024.
RIVN delivered 10,018 vehicles in the third quarter, a decrease of 35.6% from the year-ago period. As a result of supply shortages, the company lowered its full-year production outlook to a range of 47,000 to 49,000 vehicles after previously guiding for 57,000 vehicles.
"Rivian is experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms," the company said. "This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Despite the production issues, Rivian reaffirmed its annual delivery outlook of 50,500 to 52,000 vehicles, which represents low single-digit growth compared to 2023.
The third-quarter deliveries came in below analysts' expectations. Wall Street was anticipating deliveries of 13,000, according to CNBC.
Is Rivian stock a buy, sell or hold?
It's been a rough stretch for the consumer discretionary stock, which is down more than 53% for the year to date. Still, Wall Street is bullish toward Rivian.
According to S&P Global Market Intelligence, the average analyst target price for RIVN stock is $17.53, representing implied upside of nearly 75% to current levels. Additionally, the consensus recommendation is Buy. However, these ratings and estimates may change following the recent news.
And some on Wall Street have already turned negative on the EV stock. Financial services firm CFRA Research, for instance, reiterated its Sell rating this morning and lowered its price target on Rivian to $5 from $8 following the production cut.
"We have been skeptical of RIVN's ability to achieve its 2024 guidance from the start and think the announcement is likely to raise red flags among investors," says CFRA Research analyst Garrett Nelson. "In our view, the list of concerns related to the RIVN story is lengthy: slowing EV growth, a lack of visibility related to its reservation count, a troublesome cash burn rate, and the high capital expenditures requirements of building a new factory in Georgia."
Related Content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Stock Market Today: Great Power Affairs Mesmerize Markets
The U.S. and China are at least talking about talking about tariffs, and investors, traders and speculators are showing a little less fear.
By David Dittman
-
Is Walmart Plus Worth It?
There are tons of exciting Walmart Plus benefits – but are they worth the $98 annual fee?
By Rachael Green
-
Stock Market Today: Great Power Affairs Mesmerize Markets
The U.S. and China are at least talking about talking about tariffs, and investors, traders and speculators are showing a little less fear.
By David Dittman
-
Three Options for Retirees With Concentrated Stock Positions
If a significant chunk of your portfolio is tied up in a single stock, you'll need to make sure it won't disrupt your retirement and legacy goals. Here's how.
By Evan T. Beach, CFP®, AWMA®
-
Four Reasons It May Be Time to Shop for New Insurance
You may be unhappy with your insurance for any number of reasons, so once you've decided to shop, what is appropriate (or inappropriate) timing?
By Karl Susman, CPCU, LUTCF, CIC, CSFP, CFS, CPIA, AAI-M, PLCS
-
Stock Market Today: Stocks Rise on Good Volatility
Investors, traders and speculators continue to process the "known unknown" of global tariff-and-trade war negotiations.
By David Dittman
-
Before You Invest Like a Politician, Consider This Dilemma
As apps that track congressional stock trading become more popular, investors need to take into consideration some caveats.
By Ryan K. Snover, Investment Adviser Representative
-
How to Put Together Your Personal Net Worth Statement
Now that tax season is over for most of us, it's the perfect time to organize your assets and liabilities to assess your financial wellness.
By Denise McClain, JD, CPA
-
Stock Market Today: Trump Retreats, Markets Rejoice
Stocks rally, yields soften, the dollar rises, and even beaten-down names enjoy the wages of potential trade peace.
By David Dittman
-
Tesla Stock Pops as Elon Musk Promises DOGE Draw Back
Tesla reported a sharp drop in first-quarter earnings and sales, as the EV maker suffered a backlash to its CEO's political ambitions.
By Karee Venema