Tesla Rival, backed by Amazon, said it is delaying deliveries of electric vehicles

Rivian Automotive, Inc. SHORE could face a setback with its R1S SUV launched in December.

What happened: R1S delivery schedules have been pushed back from one month to nine months, Autoevolution said, citing a letter Rivian sent to reservation holders and information shared among forum members.

Amazon.com Inc. AMZN– contended Rivian allegedly attributed the delay to supply chain challenges and prioritizing deliveries to locations where the service infrastructure is in place to “provide a full ownership experience” to users from day one.

Some users have seen deliveries move from March/April to August/September, while others are facing longer delays and are considering an October/December schedule, the report noted.

Autoevolution said not all users of the wire have complained of pushbacks, which could mean some of the deliveries could be on the way.

Related Link: Rivian Q1 Results Highlights: 2,553 Vehicles Produced, 1,227 Delivered, Supply Chain Constraints, and More

Why it matters: Shares of Rivian came under significant selling pressure following a high-profile initial public offering in November. Although the company managed to unveil an electric pickup truck before its competitors, it faced production issues for the R1T due to supply constraints. In March, the company notably lowered its production forecast for 2022.

Liquidation of shares by major shareholders, including Ford Motor Company Fafter the lockdown expired and the general market chaos put additional pressure on the stock.

Price action: Rivian closed Monday’s session down 5.47% at $26.81, according to data from Benzinga Pro.

Photo: Courtesy of Rivian

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