Production of electrical Rivian R1T pickup vans on April 11, 2022 on the firm’s plant in Normal, Ill.
Michael Wayland | CNBC
Shares of Rivian Automotive declined by about 7% throughout early buying and selling Tuesday after the corporate reported elevated car manufacturing through the fourth quarter, however decrease deliveries than the earlier interval.
The firm stated it delivered 13,972 autos from October by December, down 10.2% from the third quarter of 2023 however in step with Wall Street’s expectations. Analysts surveyed by FactSet had anticipated Rivian to ship about 14,000 autos through the quarter.
Rivian produced 57,232 autos for the total 12 months, together with 17,541 EVs through the fourth quarter. That topped the corporate’s full-year 2023 manufacturing steering of 54,000 autos.
Rivian will announce its fourth-quarter earnings end result after markets shut on Feb. 21.
Rivian’s outcomes come on the identical day U.S. EV chief Tesla simply topped Wall Street’s expectations for fourth-quarter deliveries.
The firm on Tuesday stated it delivered 484,507 vehicles in comparison with expectations of 477,000 autos, in accordance with a consensus of estimates compiled by StreetAccount as of Dec. 28.