Shares of Rivian Automotive fell more than 6% in midday trading Friday after the electric vehicle startup lowered its annual production forecast for 2024. Rivian said the lower production target — down from 57,

Rivian slashed its full-year production forecast on Friday and missed third-quarter deliveries expectations due to a parts shortage and slowing growth in electric-vehicle demand, sending shares of the startup down nearly 9%.

EV production forecast due to parts shortage and lower demand. Company now expects to produce 47,000–49,000 units, down from 57,000 target.