Shares of Rivian Automotive (RIVN) surged 23% on Friday, hitting a five-month high, after the electric vehicle maker reported full-year production that surpassed its revised estimates.
The company also revealed that a supply chain issue that had previously hindered its output had been resolved, according to Investopedia.
Rivian, based in Illinois, produced 49,476 vehicles in 2024, exceeding its lowered production target of 47,000 to 49,000, which had been revised from an earlier forecast of 57,000.
The downward revision in October was attributed to a disruption caused by a shortage of a shared component used in its R1T truck, R1S SUV, and RCV commercial van platforms. However, Rivian confirmed that the component issue is no longer limiting production.
The company also reported that 12,727 vehicles were built in the fourth quarter, with 14,183 delivered in the same period. Total deliveries for 2024 reached 51,579, slightly above the expected range of 50,500 to 52,000.
Despite Friday’s gains, Rivian’s stock has declined by about 20% over the past year.
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