Rivian blames declining sales on supply issues

The U.S.-based automotive startup Rivian can’t catch a break in the increasingly troubled EV market of today.

In Q3, the company sold 10,018 electric SUVs and pickup trucks – down 27% from Q2 with its 13,790 units. In the wake of the news, the company has revised its production target for 2024 from the initial 57,000 down to just 47,000 units.

The company blames ongoing supply chain disruptions and general EV production challenges for this result. One has to wonder if it’s not really a demand issue instead.

Whichever the case, Rivian is in dire straights financially right now, and its recent partnership with the also-struggling Volkswagen doesn’t look like it can fix everything.