Rivian announced a reduction in its 2024 production forecast due to escalating supply chain issues that have intensified recently. The electric vehicle manufacturer has lowered its initial target of 57,000 vehicles to between 47,000 and 49,000. This comes after a decline in deliveries, with only 10,018 vehicles delivered in Q3, compared to 13,970 in Q2. The company is facing difficulties with a critical component used in its electric motors. Rivian is also restructuring operations and has cut its workforce by 10% to reduce costs. The future remains uncertain as it aims to launch a lower-cost R2 SUV by 2026.