:max_bytes(150000):strip_icc():format(jpeg)/INV_Rivian_Truck_GettyImages-1396320785-fcca3d280ca14d2d86463a066d648f32.jpg "A Rivian electric pickup truck in a parking lot of a Rivian service center")
Justin Sullivan / Getty Tropes
Key Takeaways
- Shares of Rivian Automotive soared on Friday after the EV maker announced production numbers that surmount fill up its estimates and said a problem that limited output was resolved.
- The manufacturer said it built 49,476 EVs in 2024, lose above the high end of the outlook it gave in October.
- Rivan said that a component shortage that affected end result was no longer an issue.
Shares of Rivian Automotive (RIVN) soared Friday after the maker of electric trucks and SUVs on full-year production that exceeded its previously lowered estimates and said that a problem that affected put out had been resolved.
Rivian shares were up 23% late Friday morning, trading at their highest flats 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 view 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 traffic, 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 mechanisms produced, 12,727 were made in the fourth quarter. Rivian noted that it delivered 14,183 vehicles in the spell, 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 rations have lost about 20% of their value over the past year.
TradingView