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: Have We Seen the Bottom for Stocks?
Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
By David Dittman
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?
Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
By Kelley R. Taylor
-
Stock Market Today: Have We Seen the Bottom for Stocks?
Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
By David Dittman
-
Social Security Is Taxable, But There Are Workarounds
If you're strategic about your retirement account withdrawals, you can potentially minimize the taxes you'll pay on your Social Security benefits.
By Todd Talbot, CFP®, NSSA, CTS™
-
Serious Medical Diagnosis? Four Financial Steps to Take
A serious medical diagnosis calls for updates of your financial, health care and estate plans as well as open conversations with those who'll fulfill your wishes.
By Thomas C. West, CLU®, ChFC®, AIF®
-
What Wall Street's CEOs Are Saying About Trump's Tariffs
We're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
By Karee Venema
-
To Stay on Track for Retirement, Consider Doing This
Writing down your retirement and income plan in an investment policy statement can help you resist letting a bear market upend your retirement.
By Matt Green, Investment Adviser Representative
-
How to Make Changing Interest Rates Work for Your Retirement
Higher (or lower) rates can be painful in some ways and helpful in others. The key is being prepared to take advantage of the situation.
By Phil Cooper
-
When to Sell Your Stock
Knowing when to sell a stock is a major decision investors must make. While there's no one correct answer, we look at some best practices here.
By Charles Lewis Sizemore, CFA
-
Within Five Years of Retirement? Five Things to Do Now
If you're retiring in the next five years, your to-do list should contain some financial planning and, according to current retirees, a few life goals, too.
By Evan T. Beach, CFP®, AWMA®