In this article, shares of Rivian Automotive surged to their highest level ever following the announcement of the company’s 2024 production and delivery figures that were consistent with its earlier projections. Rivian’s stock price ended Friday at $16.49 per share, marking a 24.5% increase for the day, the largest single-day percentage gain since the electric vehicle manufacturer went public in November 2021, as reported by FactSet. The previous record stood at 23.2%, achieved in June.
Rivian disclosed that it manufactured 49,476 vehicles in 2024, which included 12,727 trucks and vans produced in the fourth quarter, and delivered a total of 51,579 vehicles, including 14,183 units in the final three months of the year. The company’s fourth-quarter deliveries exceeded the consensus estimate of 13,472 vehicles, based on a survey of 15 analysts by Visible Alpha, according to Reuters.
In October, Rivian revised its 2024 production target to a range of 47,000 to 49,000 vehicles, down from the initial goal of 57,000 units. The company had anticipated deliveries between 50,500 and 52,000 vehicles. This adjustment was attributed to a production disruption caused by a shortage of a common component for its existing vehicles, including the R1T pickup, R1S SUV, and a commercial delivery van.
Rivian confirmed on Friday that the previously mentioned shortage no longer hinders its production operations. The company’s stock price had fallen by 43% in the previous year due to cash burn and failure to meet production targets. Rivian is set to release its financial results for the fourth quarter on Feb. 20.
