A Rivian R1T electric pickup truck during the company’s IPO outside the Nasdaq MarketSite in New York, on Wednesday, Nov. 10, 2021.
Bing Guan | Bloomberg | Getty Images
Shares of Rivian Automotive, an electric vehicle start-up that went public through a blockbuster IPO last month, hit a new low Friday morning after the company cut its 2021 vehicle production target.
Rivian said after the markets closed Thursday that it expected to fall “a few hundred vehicles short” of this year’s production target of 1,200 vehicles. The company said it faced supply chain issues as well as challenges ramping up production of the complex batteries that power the vehicles.
“Ramping up a production system like…