Shares of Rivian Automotive, an electrical car start-up that went public via a blockbuster IPO final month, hit a brand new low Friday morning after the corporate minimize its 2021 car manufacturing goal.

Rivian mentioned after the markets closed Thursday that it anticipated to fall “a couple of hundred automobiles brief” of this yr’s manufacturing goal of 1,200 automobiles. The corporate mentioned it confronted provide chain points in addition to challenges ramping up manufacturing of the advanced batteries that energy the automobiles.

“Ramping up a manufacturing system like this, as I mentioned earlier than, is a very advanced orchestra,” Rivian CEO RJ Scaringe instructed buyers. “We’re ramping largely as anticipated, the battery constraint is actually an artifact of simply brining up a extremely automated line, and, as I mentioned, it does not current any long-term challenges for us.”

Shares of Rivian throughout buying and selling Friday morning had been down by 15% to under $93 a share — a brand new low for the corporate’s inventory because it started buying and selling on Nov. 10. Friday additionally marked the primary time the corporate’s inventory has opened under $100 a share.

Other than the manufacturing snags, Rivian mentioned whole reservations for its electrical R1T pickup and R1S SUV elevated to 71,000 as of Dec. 15, up 28% in contrast with the newest tally of 55,400 automobiles in November. That is a better charge than what the corporate anticipated, officers mentioned.

The updates got here alongside Rivian’s first quarterly report as a public firm and affirmation of plans for a brand new $5 billion plant in Georgia that is anticipated to return on-line in 2024.

Rivian’s third-quarter outcomes fell in-line with Wall Road income expectations and with estimates the corporate beforehand launched as a part of its latest IPO.

For the third quarter, Rivian reported an operational lack of $776 million and a internet lack of $1.23 billion. The corporate had beforehand predicted an operational loss between $745 million and $795 million and a internet loss between $1.21 billion and $1.28 billion.