Rivian Automotive Inc (NASDAQ:RIVN) blew passed expectations for its fourth-quarter production and delivery numbers, sending its shares nearly 22% higher on Friday morning.
The electric vehicle (EV) maker is making progress in its bid for profitability and overcoming a critical component shortage that had hindered production.
For the quarter ending December 31, 2024, Rivian reported delivering 14,183 vehicles, exceeding analysts’ consensus of 13,472 vehicles, according to Visible Alpha.
Production for the quarter also beat estimates, with Rivian manufacturing 12,727 units against the forecasted 11,398.
Rivian's performance marked a 42% quarter-over-quarter increase in deliveries, its highest in over a year. The company attributed the gains to resolving a parts shortage that had impacted production of its R1 SUVs, R1T pickup trucks, and delivery vans. The shortage, disclosed in October, forced Rivian to lower its annual production target but is now no longer a constraint.
For the full year, Rivian produced 49,476 vehicles, slightly above its revised target of 47,000 to 49,000 units. Deliveries totaled 51,579 vehicles, in line with the company's guidance.
Annual production, however, was down 13% from 2023.
Rivian has set its sights on achieving positive gross profit per vehicle in the fourth quarter, with its next earnings report scheduled for February 20. The company lost $39,130 per vehicle in the third quarter, up from $32,700 in the prior quarter.