Rivian Automotive Inc (NASDAQ:RIVN) shares tumbled more than 10% Tuesday after the company beat full-year production guidance but fell short on deliveries.
The electric vehicle (EV) maker produced 17,541 vehicles at its Illinois plant in the fourth quarter and 57,232 in 2024 as a whole, beating guidance of 54,000 units.
However, Rivian’s 13,972 deliveries in the quarter were 10% lower than the year-ago quarter and below Street expectations of 14,430. Full-year deliveries were 50,122.
The company will report earnings after the market closes on February 21.
EV investors also had their eye on Tesla Inc (NASDAQ:TSLA), which on Tuesday reported fourth-quarter deliveries of 484,507, topping analyst estimates of 473,253.