Rivian electrical automobiles (EV) are parked on the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Photographs
Shares of Rivian Automotive recorded their greatest day ever after the electrical automobile maker reported 2024 manufacturing and deliveries that had been according to its beforehand introduced expectations.
Rivian inventory closed Friday at $16.49 per share, up 24.5% through the session. That’s the largest day by day share enhance for the inventory for the reason that EV maker went public in November 2021, in line with FactSet. The prior document was 23.2%, set in June.
Rivian on Friday said it produced 49,476 automobiles in 2024, together with 12,727 vans and vans through the fourth quarter, and delivered 51,579 automobiles, together with 14,183 fashions over the last three months of the yr.
The automaker’s fourth-quarter deliveries topped estimates of 13,472, in line with 15 analysts polled by Seen Alpha, in line with Reuters.
Rivian in October lowered its 2024 production target to a variety of 47,000 to 49,000 automobiles – down from 57,000 items. The corporate had anticipated deliveries of between 50,500 and 52,000 automobiles.
The corporate in October mentioned the adjusted goal was due to a “manufacturing disruption because of a scarcity of a shared part” for its present automobiles — the R1T pickup, R1S SUV and a business supply van.
The corporate on Friday mentioned the beforehand mentioned scarcity “is now not a constraint on Rivian’s manufacturing.”
Rivian’s inventory declined 43% final yr because the company burned through cash and missed its manufacturing targets.
Rivian is scheduled to announce its fourth-quarter monetary outcomes on Feb. 20.
