Rivian electric vehicles (EVs) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
Shares Rivian Automotive recorded its best day ever after the electric vehicle maker announced that 2024 production and deliveries were in line with previously announced expectations.
Rivian stock closed at $16.49 per share on Friday, up 24.5% on the session. According to FactSet, this is the largest daily percentage gain in the company's stock since the electric vehicle maker went public in November 2021. The previous record, set in June, was 23.2%.
Rivian on Friday he said in 2024 it produced 49,476 vehicles, including 12,727 trucks and vans in the fourth quarter, and in the last three months of the year it delivered 51,579 vehicles, including 14,183 models.
Fourth-quarter auto production topped estimates of 13,472 units, according to 15 analysts surveyed by Visible Alpha. Reuters.
Rivian in October lowered its production target for 2024 to a range of 47,000 to 49,000 vehicles – up from 57,000 units. The company expected deliveries of 50,500 to 52,000 vehicles.
In October, the company said the revised target was due to “production interruptions due to the lack of a common component” in its current vehicles – the R1T pickup truck, R1S SUV and commercial delivery van.
On Friday, the company said the previously discussed shortage “no longer represents a constraint on Rivian's production.”
Rivian shares are down 43% in the past year. the company burned through cash and failed to meet its production goals.
Rivian is scheduled to announce its fourth-quarter financial results on February 20.