Rivian Automotive Meets 2024 Production and Delivery Targets
A Year of Ups and Downs for the Electric Vehicle Maker
Rivian Automotive has announced that its 2024 vehicle production and deliveries are in line with the company’s previously announced expectations. Despite facing challenges throughout the year, the electric vehicle maker managed to produce 49,476 vehicles, including 12,727 trucks and vans in the fourth quarter, and deliver 51,579 vehicles, with 14,183 models delivered in the last three months of the year.
Adjusted Targets Due to Production Disruption
In October, Rivian lowered its 2024 production target to a range of 47,000 to 49,000 vehicles, down from 57,000 units, citing a “production disruption due to a shortage of a shared component” for its current vehicles. However, the company has now confirmed that this shortage is no longer a constraint on its production.
Shares See a Boost
Following the announcement, shares of Rivian rose roughly 4% in premarket trading on Friday. This comes as a welcome relief after a tumultuous year that saw the company’s stock decline by 43% due to cash burn and missed production targets.
Fourth-Quarter Financial Results Ahead
Rivian is set to announce its fourth-quarter financial results on February 20. Investors will be closely watching to see how the company’s performance has been affected by the production challenges and what its plans are for the future.
A New Chapter for Rivian?
With the production disruption behind it, Rivian can now focus on building momentum and driving growth. As the electric vehicle market continues to evolve, Rivian’s ability to meet its targets and deliver on its promises will be crucial to its success.
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