Rivian warns supply issues to hit production, shares drop to record low

FILE PHOTO: A Rivian R1T pickup, the Amazon-backed electric vehicle (EV) maker, is driven outside the Nasdaq Market site during the company’s IPO in Times Square in New York City, U.S., November 10, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) - Rivian Automotive Inc shares skidded nearly 15% on Friday to hit a record low after the electric vehicle maker's first result as a listed company highlighted the challenges it was likely to face in ramping up production to take on EV leader Tesla Inc.

Rivian's shares slumped to $92.62 in early trading - opening below the $100 mark for the first time - and were still off about 11% in the afternoon. Before Friday's decline, they had gained about 40% since the company's blockbuster market debut in November.