Rivian Automotive Shares Soar on Strong Q4 and Full-Year 2024 Results
Production and Delivery Figures Exceed Expectations
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are on the rise today, following the company’s announcement of its production and delivery figures for the fourth quarter and full-year 2024. The electric vehicle (EV) manufacturer reported a 1.5% year-over-year increase in its fourth-quarter deliveries, reaching 14,183 vehicles.
Normal, Illinois Facility Sees Significant Production
The company’s Normal, Illinois facility produced 12,727 vehicles, contributing to the overall growth in deliveries. This marks a significant improvement from the third quarter, which saw the lowest number of quarterly deliveries since the first quarter of 2023, with 10,018 electric vehicles delivered.
Full-Year 2024 Results Meet Guidance
Rivian delivered a total of 51,579 units in 2024, representing a 3% increase from the previous year. The company’s total production amounted to 49,476 vehicles, aligning with its annual guidance range of 47,000 to 49,000 vehicles produced and 50,500 to 52,000 vehicles delivered.
Component Shortage No Longer a Constraint
The company also announced that the previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on its production. This news is likely to further boost investor confidence in the company’s ability to meet its production targets.
Gross Profit Expected in Q4
In November, Rivian indicated that it was on track to turn a gross profit in the fourth quarter, a significant improvement from the third quarter’s gross loss of $392 million. The company is scheduled to release its fourth-quarter 2024 financial results on February 20, following the market close.
Stock Price Surges
As a result of these positive developments, RIVN shares are trading higher by 12.9% at $14.96. This surge in stock price reflects investor optimism about Rivian’s future prospects and its ability to overcome production challenges.
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