The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.

While the R1S and R1T have been a success for Rivian so far—the company built over 50,000 vehicles in 2024—they are a bit pricey, starting at over $70,000. If Rivian wants to survive in the ...