Rivian (RIVN) inventory surges as This autumn 2024 deliveries prime expectations

Rivian (RIVN) delivered extra autos than anticipated within the fourth quarter, beating Wall St expectations. After overcoming its current provide scarcity, the EV maker is seeing momentum decide up. Right here’s a take a look at what number of EVs Rivian delivered in This autumn and 2024.

What number of EVs did Rivian ship in This autumn 2024?

Rivian delivered 14,183 autos within the ultimate three months of 2024, simply topping estimates of round 13,500. This excessive supply whole allowed Rivian to satisfy its full-year steering.

With 51,579 EVs delivered in 2024, Rivian’s whole was inside its 50,500 to 52,000 goal. It was additionally barely increased than the 50,122 autos delivered in 2023. Rivian’s This autumn deliveries surged over 40% from the earlier quarter. It was additionally the corporate’s highest in 2024.

Rivian produced 12,727 autos within the fourth quarter, soundly beating estimates. In whole, Rivian constructed 49,476 EVs in 2024, barely above its 47,000 to 49,000 steering.

Nonetheless, the corporate lowered its full-year manufacturing objective in October from its earlier 57,000 goal after a provide scarcity started in Q3.

In a press release, Rivian mentioned, “The beforehand mentioned scarcity of a shared part on the R1 and RCV platforms is now not a constraint” on manufacturing.

After shutting down operations in Regular in April to introduce new upgrades, Rivian has been aggressively chopping prices. CEO RJ Scaringe mentioned in November that the corporate is seeing “significant progress” on reducing materials prices with new provider contracts and know-how.

Rivian’s internet loss fell to $1.1 billion within the third quarter, down from $1.34 billion in Q3 2023. The corporate misplaced round $39,000 on every automobile delivered in Q3, up from the $30,648 loss the earlier 12 months. Nonetheless, that is nonetheless an enormous enchancment from the over $139,000 loss per automobile in Q3 20222.

The corporate ended the third quarter with $6.7 billion in money and equivalents, together with a $1 billion convertible notice from Volkswagen.

Rivian and Volkswagen launched a brand new three way partnership price as much as $5.8 billion, which Scaringe mentioned is a “significant monetary alternative.”

The EV maker confirmed it’s nonetheless on monitor to put up its first constructive progress revenue within the fourth quarter. Overcoming the current manufacturing hurdle is a giant step in hitting its objective.

Rivian will launch its This autumn 2024 monetary outcomes after the market closes on February 20. Keep tuned for extra. After releasing its fourth-quarter numbers, Rivian’s inventory was up over 10% in pre-market buying and selling on Friday. In the meantime, share costs are nonetheless down round 30% over the previous 12 months.