The Amazon.com-backed EV upstart, which operates its sole manufacturing facility in downstate Normal, Illinois, has struggled to ramp up production of its debut battery-powered vehicles. The company had an embarrassing U-turn on raising prices earlier this month, a move it originally attributed to a supply chain crunch and price pressures. It also gave a tepid production forecast of 25,000 vehicles, half of what the company’s Normal, Illinois, plant is capable of building.
Rivian shares fell 3.4% to close at $50.24 in New York on Thursday. The stock is down more than 50% in the first three months of this year.
“There have been very sizable increases in recent months in the cost of key metals, including lithium, nickel, aluminum, and cobalt with volatility in pricing expected to persist for the foreseeable future,” Rivian said in the filing, without explicitly linking the price pressures to the war.
In total, Rivian made 13 references to Ukraine in the filing. The company hadn’t previously made any explicit references to the war as a risk factor or headwind, but had acknowledged rising commodity prices and ongoing parts procurement challenges.
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