Shares Rivian AutomotiveThe electric vehicle company EV-Startup, which went public in a huge IPO last month and saw record sales, has fallen to a new low after the company lowered its production goal for 2021 vehicles.

Rivian stated after Thursday’s markets close that the company expected to see a fall “a few hundred vehicles short”This year, the production goal is 1,200 units. According to the company, it was facing supply chain problems as well as difficulties in accelerating production of complex batteries for the cars.

Rivian CEO RJ Fearinge stated that “Ramping up this production system, as I have said previously, is a very complex orchestra.” While we are ramping as anticipated, the battery restriction is a result of building a high-tech line. It doesn’t pose long-term issues for us.

Shares of Rivian during trading Friday morning were down by more than 14% to about $93 a share — a new low for the company’s stock since it began trading on Nov. 10. Friday was also the first day that the stock traded below $100.

Rivian stated that the total number of reservations for electric R1T pickups and R1S SUVs rose to 71,000 in December, up 28% over November’s record of 55,400. Officials stated that the rate is higher than expected.

These updates were made alongside Rivian’s first quarterly report as an public company, and confirmed plans to build a $5 billion new plant in Georgia. It’s anticipated that it will be online by 2024.

Rivian’s results for the third quarter were in line with Wall Street expectations. The company also released estimates that Rivian had previously published. as part of its recent IPO.

Rivian posted an operating loss of $776 millions and a loss net of $1.23billion for the third quarter. Rivian had predicted previously that it would suffer an operational loss of $745 to $795 million, and lose $1.21 billion to $1.28 billion.