Rivian Automotive’s stock price rose significantly after the company announced it produced more electric vehicles than initially forecasted. The Illinois-based manufacturer built 49,476 vehicles in 2024, exceeding its revised estimate of between 47,000 and 52,000. This surpasses the company’s previous production numbers.
A component shortage had previously limited Rivian’s output but was resolved, according to the company. As a result, shares rose by 23% on Friday, marking their highest levels in five months. The news comes after Rivian lowered its estimate due to production disruptions caused by a shared component shortage affecting its R1T truck, R1S SUV, and RCV commercial van.
For the year, Rivian delivered 14,183 vehicles in the fourth quarter and 51,579 for the full year. This meets the company’s revised delivery target of between 50,500 and 52,000. Despite this positive news, Rivian shares have declined by about 20% over the past year due to various challenges facing the electric vehicle industry.
Source: https://www.investopedia.com/rivian-stock-soars-as-ev-maker-says-production-issues-have-been-resolved-8768689