Rivian stock soars after EV maker says production issues have been resolved

The Key Takeaways

• Rivian Automobile shares surged after it reported production numbers which exceeded expectations. It also announced that an issue that had limited the output of its EVs was now resolved.
• Manufacturer said that they would be building 49,476 EVs between 2024 and 2025, which is slightly more than their October forecast.
• Rivan stated that the component shortage which affected production is no longer a problem.

Rivian Auto (RIVN) shares soared on Friday, after the manufacturer of electric trucks and suvs announced full-year production which exceeded their previously lower estimates. They also reported that an issue that had affected output was resolved.

Rivian’s shares rose 23% on Friday morning and were trading at the highest level in five months.

This Illinois manufacturer has reported building 49,476 automobiles by 2024. It had reduced its earlier estimate of 57,000 from 47,000-49,999 in October. It was announced that the company had experienced disruption. “due to the shortage of a shared component” On the platform that assembles its R1T trucks, R1S vehicles, and commercial RCV vans.

Rivian has released a statement stating that it is aware of the issue. “is no longer a constraint on Rivian’s production.”

12 727 of the 49 476 cars produced were manufactured in the fourth-quarter. Rivian reported that they delivered 14,183 cars in this period and 51,579 vehicles for the entire year. The company had predicted a total 2024 of between 50,500 and 52,000 vehicles.

Rivian Automotive’s shares, despite today’s gains have dropped by about 20% in the last year.

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