Rivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles, sending its shares down more than 8%.
on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles, sending its shares down more than 8%.
The recall, Rivian's third since it went public in November 2021, was triggered by an issue with a sensor in the front passenger seat-belt system. However, the company estimated that fewer than 100 vehicles will require the part to be replaced.The Irvine, California-based company, like the broader auto industry, has been battling supplier shortages sparked by worldwide lockdowns during the COVID-19 pandemic.
Those issues and bad weather forced the company to shut its Normal, Illinois, facility for weeks, which also hurt production. "The issue we have is that the supply constraint is, by far and away, the biggest constraint," Chief Executive R.J. Scaringe said in a conference call with analysts.
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