Electric vehicle maker Rivian managed to beat Wall Street’s expectations for Q4 deliveries on Friday and announced no production constraints by .a component shortage. This is a great win for Rivan as it is to make profit for the first time. The Rivian Q4 deliveries beating expectation sent Rivian’s share price higher by nearly 19%. Rivian stock lost more than 40% of its value in 2024.
Rivian Q4 deliveries
As per Rivian, the EV maker it delivered 14,183 vehicles between October and December, beating estimates of about 13,500 sales. This has brought Rivian’s full-year deliveries to 51,579 which is greater than the 50,122 vehicles delivered a year earlier. These deliveries was within Rivian’s forecast.
From the previous quarter a jump of about 42% was seen marking Rivian’s highest deliveries in more than a year. This is even though Amazon.com, Rivian’s biggest backer, takes fewer deliveries in the Q4 due to its focus on holiday season sales.
Rivian increases EV production
Rivian produced 12,727 vehicles in the Q4, above estimates, for a total of 49,476 EVs in 2024. That’s more than Rivian had guided to after it lowered its full-year production goal in October from 57,000 units.
At the time, Rivian said production was affected by a “production disruption due to a shortage of a shared component” used for the R1T pickup, R1S SUV, and RCV vans,” according to a regulatory filing. Now, the company says the shortage “is no longer a constraint on Rivian’s production.”
Rivian last year inked a deal with Volkswagen to receive up to $5.8 billion as part of a joint venture, although the German carmaker has its own fair share of problems. Rivian said it would report its Q4 results on February. 20 after markets close.
Strong sales for global automakers
Reportedly strong EV sale was announced by many automakers Q4 and full year sales. China’s BYD, Nio, and Xpeng all had double-digit increase in sales. Hyundai brands also saw some rise in sales with hybrids and EVs growing in popularity.
Ford Motor Co. had its best retail sales in years, with more than 2 million vehicles sold in 2024.
Though Tesla has missed its own expectations disappointing Wall Street. Elon Musk’s automaker sold 1.79 million EVs last year, narrowly missing its 2023 sales record of 1.8 million units.
What lead to Rivian’s record deliveries
Resolution of production constraints allowing company to meet and exceed delivery targets. There was also increase in EV production and its backing from Amazon helped.
Rivian stock update
Rivian stock surged on the delivery news, rising almost 22% as of 11 a.m. ET. Rivian share price is still down by about 21% over the last 12 months. This was after the automaker missed production targets and continued to burn through cash.
