Rivian (NASDAQ:RIVN) shares fell in early U.S. trading on Monday after the electric vehicle (EV) startup unveiled an annual deliveries guidance that was below analysts’ expectations.

The California-based group maintained its annual forecast for 52,000 deliveries, disappointing Bloomberg consensus estimates of 53,654. It had previously raised the figure from 50,000 in August to account for an easing in supply bottlenecks and a surge in demand for its pickup trucks and sport-utility vehicles.

However, in the three months ended on Sept. 30, the firm still delivered 15,564 vehicles, topping forecasts of 14,973.

“[Rivian] has a brand that has stuck the [U.S.] landing, and most importantly, within segments everyone already wants (SUV, Truck, Van),” analysts at Evercore ISI said in a note. They added that the company has met their criteria “for us to get bullish.”

Yet concerns still linger around the health of the broader EV industry, which has seen some slackening in buyer demand as customers contend with a period of elevated interest rates, Reuters has reported.

Unlike peer Tesla (NASDAQ:TSLA), Rivian has recently decided not to cut the price tag of its cars, choosing instead to slash input costs and produce its Enduro powertrains in-house to reduce its reliance on suppliers.