Rivian sticks to production forecast below Wall Street targets

Rivian has maintained its 2024 production forecast, which falls below Wall Street expectations, and reported a larger quarterly loss than anticipated. Despite a recent production halt, the company resumed operations and saw its shares drop by 4% after hours. Rivian is focusing on cost reductions and has introduced more affordable vehicle variants to sustain demand. Additionally, the company has cut its annual capital expenditure forecast significantly and delayed the production of its R2 midsize SUV to concentrate manufacturing in Illinois, aiming for cost savings and faster delivery times.