Rivian Automotive Inc (NASDAQ:RIVN) has reported first quarter vehicle deliveries in line with prior guidance.
The company produced 14,611 vehicles at its Normal, Illinois facility and delivered 8,740 vehicles during the quarter ending March 31, aligning with guidance of 14,000 and 8,000 respectively.
First quarter deliveries were down from the year-ago quarter, when Rivian delivered 13,588 vehicles.
Analysts had expected 12,380 vehicles produced and 8,610 deliveries.
Rivian also reaffirmed its 2025 delivery range guidance of 46,000 to 51,000 vehicles.
While Rivian met its Q1 production and delivery goals, the significant gap between the two of nearly 6,000 vehicles spurred investor concerns about inventory buildup and potential demand or logistical challenges.
Shares of Rivian traded lower following the announcement, down 7% at about $12.