Shares of Rivian Automotive recorded their best day ever after the electrical vehicle maker reported 2024 production and deliveries according to its previously announced expectations.
Rivian stock closed Friday at $16.49 per share, up 24.5% on the session. According to FactSet, that is the stock's largest day by day percentage increase because the electric vehicle maker's initial public offering in November 2021. The previous record was 23.2% in June.
Rivian said on Friday The company produced 49,476 vehicles in 2024, including 12,727 trucks and vans within the fourth quarter, and delivered 51,579 vehicles, including 14,183 models, in the ultimate three months of the 12 months.
The automaker's fourth-quarter deliveries topped estimates of 13,472, in keeping with 15 analysts surveyed by Visible Alpha Reuters.
Rivian in October lowered its 2024 production goal to 47,000 to 49,000 vehicles from 57,000 units. The company had expected deliveries of between 50,500 and 52,000 vehicles.
The company said in October that the adjusted goal was because of a “production disruption due to the lack of a common component” for its current vehicles – the R1T pickup, R1S SUV and a business van.
The company said Friday that the previously discussed shortage “no longer represents a constraint on Rivian's production.”
Rivian shares fell 43% last 12 months as the corporate wasted money and missed production targets.
Rivian is scheduled to report its fourth-quarter financial results on February 20.
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