11:59 AM EDT, 10/04/2024 (MT Newswires) -- Rivian Automotive ( RIVN ) on Friday reported third-quarter vehicle production and deliveries that missed analyst estimates amid a supply shortage, prompting the company to lower its full-year output guidance.

The electric vehicle maker produced 13,157 vehicles in the quarter through Sept. 30, down from 16,304 a year earlier and lagging the consensus among analysts on Visible Alpha for about 13,800 units. Third-quarter deliveries fell to 10,018 units from 15,564 a year earlier, lower than the Visible Alpha forecast for 12,100 units.

In the second quarter, the company's production and deliveries totaled 9,612 and 13,790 units, respectively.

"Rivian is experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms," the company said in a Friday statement. "This supply shortage impact began in (the third quarter) of this year, has become more acute in recent weeks and continues."

The EV maker's shares were down 8.7% in Friday trade and have lost 58% in value so far this year.

Rivian now projects annual production between 47,000 and 49,000 vehicles, down from the previously estimated 57,000 units. The company said it continues to expect annual deliveries to grow by a low single digit over 2023, or between 50,500 and 52,000 units.

"While a reiterated delivery guide for the year may provide investors some level of comfort on the demand side of the equation, concerns on (Rivian's) production (and) gross margin trajectory given lack of color into the nature/magnitude/expected timeline of the component shortage are likely to weigh on shares," Truist Securities said in a note to clients.

With the company's joint venture deal with German car manufacturer Volkswagen Group, along with the related equity yet to close, Truist would be "incrementally negative here as today's announced production challenges/the associated implications on (gross margin) targets could have a magnifying negative impact on the company's shares."

Earlier this year, Rivian and Volkswagen said they planned to form a joint venture to create new software-defined vehicle platforms, to be used in their future EVs. At the time, Volkswagen planned to invest up to $5 billion in Rivian.

Truist expects Rivian's full-year production and deliveries to reach 55,700 and 53,600 units, respectively. Wall Street is looking for 55,300 and 52,100, respectively, according to the note.

Rivian said it will report its third-quarter financial results Nov. 7.

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