Rivian Automotive, Inc. (RIVN) saw its stock plummet 5.07% in pre-market trading on Thursday after the electric vehicle maker narrowed its annual delivery forecast, raising concerns about the company's growth trajectory.

The company announced it is narrowing its 2025 delivery guidance to between 41,500 and 43,500 vehicles, compared to its previous range of 40,000 to 46,000 units. This adjustment brings the midpoint down by 500 vehicles, signaling potential challenges in meeting earlier projections. The revised outlook implies Rivian expects to deliver between 9,000 and 11,000 units in the fourth quarter, which would be significantly lower than the 14,183 deliveries in the same period last year.

While Rivian reported solid third-quarter deliveries of 13,201 vehicles, up nearly 32% from the prior year and above analysts' estimates of 12,000, investors seemed more focused on the narrowed guidance. The company also faces headwinds from the expiration of the $7,500 federal EV purchase tax credit, which could impact future sales. As the electric vehicle industry grapples with changing market conditions and policy shifts, Rivian's stock performance reflects growing investor concerns about the company's ability to maintain its growth momentum in an increasingly competitive landscape.