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Rivian electric vehicles (EVs) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
Actions of Rivian Automotive recorded its best day ever after the electric vehicle maker said 2024 production and deliveries were in line with its previously announced expectations.
Rivian shares closed Friday at $16.49 per share, up 24.5% during the session. This is the largest daily percentage increase for the stock since the EV maker went public in November 2021, according to FactSet. The previous record was 23.2%, set in June.
Rivian on Friday he said produced 49,476 vehicles in 2024, including 12,727 trucks and vans during the fourth quarter, and delivered 51,579 vehicles, including 14,183 models during the last three months of the year.
The automaker’s fourth-quarter shipments topped estimates of 13,472, according to 15 analysts polled by Visible Alpha, according to Reuters.
Rivian in October lowered its 2024 production target to a range of 47,000 to 49,000 vehicles – from 57,000 units. The company had expected deliveries of between 50,500 and 52,000 vehicles.
The company in October said the adjusted target was for a “production interruption due to a lack of a common component” for its current vehicles – the R1T pickup, R1S SUV and a commercial delivery van.
The company on Friday said the previously discussed shortage “is no longer a limitation on Rivian’s production.”
Rivian’s stock declined 43% last year as the Company burned for money and missed its production targets.
Rivian is scheduled to announce its fourth quarter financial results on February 20.
