Here’s why Rivian (RIVN) is cutting its EV production goal for 2024 [Video]

After Rivian (RIVN) lowered its production goal for the year, the EV maker said it was because of a supply shortage. A new report sheds some light on the situation.

Following third-quarter delivery and production numbers on Friday, Rivian cut its production plans for the year.

Rivian now expects to build between 47,000 and 49,000 vehicles this year, 14% to 17% lower than its previous 57,000 target. It’s also significantly lower than the 57,322 vehicles produced last year.

In a press release, the company said it is “experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms.”

Rivian says the disruption began in Q3 and has “become more acute in recent weeks.” A new Bloomberg report gives us more details on what’s really going on.

According to sources familiar with the matter, the disruption was caused by a miscommunication between Rivian and its supplier, …