By Dhirendra Tripathi

Investing.com – Rivian stock (NASDAQ:) fell nearly 5% on Wednesday on reports of the company delaying deliveries of its electric pickup truck and sports utility vehicle with big battery packs to 2023.

Max pack is the larger battery pack and will provide 400 mile range on one charge. According to Reuters, only 20% of preorders were made for the Max pack.

The report states that RJ Scaringe, chief executive of Rivian, sent a Tuesday mail to customers stating that the majority of Rivian’s approximately 71,000 preorders in America and Canada for the R1T pickup truck or R1S SUV were for the vehicle with a smaller battery pack, which can provide 314 miles per charge.

Scaringe wrote in the letter, which was posted on Reddit by a Rivian customer, Reuters said, “In order to service the largest number preorder holders we will be prioritizing construction of the Adventure Package with large battery battery during the next year.”

Earlier this month, higher R&D spending and losses on convertible debt pushed the company’s third-quarter loss more than four times higher, to $1.2 billion. According to the company, production will fall by a few hundred units short of its 2020 goal of 1,200 units.

Additional disappointment came from the lower pre-orders. According to Adam Jonas (Morgan Stanley analyst), these units were 71,000.

Lack of chips has stifled production at automobilemakers. This is especially true for tech-heavy vehicles like Rivian. The company was publicly launched last month, and it now has a market capitalization of approximately $93 billion. However, the company has not yet posted any revenue.