Rivian Automotive, Inc. (RIVN) shares plummeted by over 10% in premarket trading on Tuesday after the electric vehicle (EV) maker reported disappointing production guidance for 2023. The company now expects to produce only 25,000 vehicles this year, well below the 50,000 units it had previously targeted.

The electric vehicle (EV) market is experiencing unprecedented growth, fueled by technological advancements, environmental concerns, and government incentives. The automotive industry is undergoing a pivotal transformation, with major automakers investing heavily in EV development and production. This article delves into the latest industry trends and analyst estimates, shedding light on the future of electric vehicles and the potential implications for investors.