Today, Rivian Automotive reported production and delivery totals for the year ending December 31, 2024, producing 12,727 vehicles and delivering 14,183.
The company exceeded analysts’ expectations for fourth-quarter deliveries and is no longer facing component shortages. “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian’s production,” Rivian said in a statement on Friday.
In 2024, the company produced 49,476 vehicles and delivered 51,579, meeting management’s guidance for production and deliveries. Rivian will release its fiscal 2024 report on February 20th.
Despite a nearly 6% rise in shares during premarket trading today, the stock has dropped over 40% in 2024. A shortage of a specific part for its R1T pickups and delivery vans, which began in the third quarter, forced Rivian to lower its annual production target in October.
EV manufacturers are seeing declining demand as rising borrowing costs drive buyers toward cheaper gasoline-powered hybrids. At the same time, traditional carmakers are focusing on launching their own electric models.
Yesterday, Rivian’s biggest competitor, Tesla, announced its first decrease in annual deliveries. Experts predict that demand will continue to decline due to its older EV models.
By CEO NA Editorial Staff
