A Rivian electric vehicle (EV) is parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Tama Mario | Getty Images
shares of Rivian Automotive The electric vehicle maker posted its best day ever after reporting that 2024 production and deliveries are in line with previously announced expectations.
Rivian stock rose 24.5% during the trading session on Friday, closing at $16.49 per share. This is the largest single-day increase in stock prices since the EV maker went public in November 2021, according to FactSet. The previous record was 23.2%, set in June.
Rivian said on friday The company produced 49,476 vehicles in 2024, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles, including 14,183 models, in the last three months of the year.
The company’s fourth-quarter deliveries exceeded expectations of 13,472 vehicles, according to 15 analysts surveyed by Visible Alpha. Reuters.
In October, Rivian lowered its production target for 2024 from 57,000 vehicles to a range of 47,000 to 49,000 vehicles. The company had expected deliveries to be between 50,500 and 52,000 vehicles.
The company said in October that the adjustment targets were due to “production disruptions due to lack of common parts” for its current vehicles (R1T pickup, R1S SUV and commercial delivery van).
The company said Friday that the previously discussed shortage is “no longer a constraint on Rivian’s production.”
Rivian’s stock price fell 43% last year as it burned through cash and missed production targets.
Rivian is scheduled to announce its fourth quarter financial results on February 20th.
