The drop at the open is not as bad as it was in the pre-market. At some point in the third quarter, there was a significant supplier issue that got worse. We don't know what that is. We don't know if it relates to a specific part. We just know that it relates to the enduro electric motor or drive unit that Rivian manufactures in-house. It's a really kind of change in the picture for this EV name because if you think about it, the production guidance of 47,000 to 49,000 would actually represent a drop of 18% from what they managed to build last year. This was a company that was kind of on the up a little bit. They're expecting to build prior to this morning 57,000 units this year, and they continue to demonstrate teething problems that they can't get past. And of course, Mary, this together with what we learned from Tesla earlier in the week, of course, missing its target.

when it comes to third quarter deliveries. You actually have Tesla shares up a little bit right now, but actually down 5% for the week. How do these two stories wrap together? Oh, well, in Rivian's case, I think it's not an industry problem. I think it's a Rivian problem. They're not being that open or transparent or detailed on what's actually going on with this specific part or where the issue is stemming from. You know, Tesla, we're not prescriptive on their. I go back to the granular detail that we discussed on this program, which is that three and why which are the volume models that Tesla makes came in above sell-side expectations. That other bucket which includes Cybertruck X and X and S came in below expectations. Both names Rivian, which is a niche lower volume player, but Tesla specifically have suffered in a higher

rate environment because it's put a premium on electric vehicles. Tesla has had the level of heavily incentivizing consumers that Rivian doesn't have the luxury of doing. It burns too much cash, can't do it. So it will be interesting to see if there is a big picture industry theme here. But I think Rivian's problems are the right.

Rivian Slashes Production Targets

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