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 missed quarterly delivery expectations and cut its 2024 production guidance as it faces a parts shortage.

After a supply shortage began in Q3, Rivian cut production plans for the year. It now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 target. With another 13,157 vehicles built in Q3, Rivian’s production total reached 36,749 through September.