A
Rivian’s stock lost half its value because of a ‘miscommunication.”
Bloomberg has the details behind the EV company’s recent decision to slash its production forecast, sending its stock price plummeting. Apparently somebody at the company sent the wrong order for copper wiring.
The carmaker miscalculated when communicating supply and demand needs with Essex, Rivian’s sole supplier of what are essentially copper wires that carry the electric current inside the EV motors, said the people, who asked not to be identified discussing the confidential matter.
By the time they caught the mistake, Essex had already committed to supplying other customers. Always triple-check those emails, folks!
Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.
Loading comments
Getting the conversation ready...
Most Popular
Most Popular
- Home Assistant says ‘Big tech ruined the cloud, so we’re out’
- Amazon is launching colorful new Kindles — and a case with physical page-turn buttons
- HP’s answer to the MacBook Neo is thinner, lighter, and comes with OLED
- The People of Utah vs. Kevin O’Leary
- Keurig’s new machine uses plastic-free compressed coffee pucks
