Rivian electric vehicles (EVs) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
Rivian Automotive Production and deliveries of vehicles in 2024 were in line with the company’s previously announced expectations.
Manufacturer of electric vehicles on Friday he said produced 49,476 vehicles last year, 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.
Rivian in October lowered its production target for 2024 to a range of 47,000 to 49,000 vehicles – down from 57,000 units. The company expected deliveries of between 50,500 and 52,000 vehicles.
The company said in October that the adjusted target was due to “production disruptions due to a lack of a common component” for its current vehicles — the R1T pickup, R1S SUV and commercial delivery van.
The company said on Friday that the previously reported shortfall “is no longer a constraint on Rivian production.”
Shares of Rivian rose more than 10% during early morning trading on Friday. The stock fell by 43 percent last year the company burned money and missed its production targets.
Rivian is scheduled to announce its fourth quarter financial results on February 20.
