Rivian Shares Drop After EV Maker Slashes Production Target (2)

Rivian Automotive Inc. shares tumbled after the automaker cut its annual production target, citing a worsening supply crunch at its lone US assembly plant.

The company now expects production to drop as much as 18% this year, due to an ongoing shortage of a component used to make its electric pickups, sport utility vehicles and commercial vans. Third quarter output and deliveries both came up short of analysts estimates.

Rivian’s stock fell 3.3% as of 9:37 a.m. in New York, paring an earlier drop of as much as 7.2%. The shares had plunged about 54% already this year.

The ...