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Rivian sees 2023 production well below estimates, recalls over 12,700 vehicles

Rivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. Rivian said its recall announcement, its third since going public in Nov. 2021, was due to an issue with a sensor in the front passenger seat-belt system. The company said it is targeting production of 50,000 cars this year, compared with analysts' estimate of 67,170 units, according to Visible Alpha.