Electric vehicle manufacturer Rivian Automotive has met its 2024 production and delivery expectations, reaffirming its ability to hit previously announced targets despite earlier setbacks.
The EV maker produced 49,476 vehicles in 2024, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles, with 14,183 models delivered.
In October, Rivian revised its production forecast for 2024, lowering its target to a range of 47,000 to 49,000 vehicles, down from an initial projection of 57,000. The company also anticipated deliveries between 50,500 and 52,000 vehicles. This revision was attributed to a “production disruption due to a shortage of a shared component” for its key vehicles—the R1T pickup, R1S SUV, and commercial delivery van.
However, Rivian reported on Friday that this component shortage is no longer a constraint on its production, suggesting that the company is now better positioned to meet future targets.
The news helped boost Rivian’s stock, which rose by more than 10% in early trading on Friday. Despite this positive movement, shares of the company fell 43% in 2024, largely due to challenges with cash flow and missed production targets.
Rivian is set to announce its fourth-quarter financial results on February 20, providing further insights into its financial performance and the impact of the production adjustments.
