Key Takeaways
- Shares of Rivian Automotive soared on Friday after the EV maker announced production numbers that topped its estimates and said a problem that limited output was resolved.
- The manufacturer said it built 49,476 EVs in 2024, slightly above the high end of the outlook it gave in October.
- Rivan said that a component shortage that affected production was no longer an issue.
Shares of Rivian Automotive (RIVN) soared Friday after the maker of electric trucks and SUVs reported full-year production that exceeded its previously lowered estimates and said that a problem that affected output had been resolved.
Rivian shares were up 23% late Friday morning, trading at their highest levels in five months.
The Illinois-based manufacturer reported it built 49,476 vehicles in 2024. In October, it had lowered its estimate to a range of 47,000 to 49,000 from the earlier outlook of 57,000. The change came after the company said that it experienced a disruption “due to the shortage of a shared component” on the platforms that put together its R1T truck, R1S SUV, and RCV commercial van.
In its latest statement, Rivian said that the component issue “is no longer a constraint on Rivian’s production.”
Of the 49,476 vehicles produced, 12,727 were made in the fourth quarter. Rivian noted that it delivered 14,183 vehicles in the period, and 51,579 for the full year. It had anticipated a 2024 delivery total of 50,500 to 52,000.
Despite today’s gains, Rivian Automotive shares have lost about 20% of their value over the past year.
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