- Amazon.com Inc (NASDAQ:AMZN) backed electric pickup maker Rivian Automotive Inc postponed production of its debut vehicle due to component supply crisis, Bloomberg reports.
- The production was supposed to begin in September. It also deferred the timeline for its second planned model, an electric sports-utility vehicle, from August until an unspecified time in the fall.
- The pandemic affected everything from facility construction to equipment installation to vehicle component supply (mainly semiconductors), CEO R.J. Scaringe said.
- Scaringe also acknowledged the complexities of launching three vehicle lines in one go.
- It also has a deal with Amazon to build 100,000 electric delivery vans.
- Price action: AMZN shares traded lower by 1.26% at $3,585.37 on the last check Friday.
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This Analyst Raises PT On Karuna Therapeutics By 100%; Wells Fargo Predicts $2,300 For This Stock
Piper Sandler boosted the price target on First Solar, Inc. (NASDAQ: FSLR) from $120 to $165. Piper Sandler analyst Kashy Harrison maintained an Overweight rating on the stock. First Solar shares rose 0.7% to $118.83 in pre-market trading.
