Rivian shares soar as EV maker says production issues have been resolved

On By Littum

Key takeaways

  • Shares in Rivian Automotive soared on Friday after the EV maker announced production numbers that topped its estimates and said a problem limited production had been resolved.
  • The maker said it built 49,476 electric cars in 2024, slightly above the high end of the outlook it gave in October.
  • Rivan said a component shortage that affected production was no longer an issue.

Shares in Rivian Automotive ( RIVN ) soared on Friday after the maker of electric trucks and SUVs reported full-year production that exceeded previously lowered estimates and said a problem affecting production had been resolved.

Rivian shares rose 23% late Friday morning, trading at their highest level in five months.

The Illinois-based manufacturer reported that it built 49,476 vehicles in 2024. In October, it had lowered its estimate to a range of 47,000 to 49,000 from the previous outlook of 57,000. The change came after the company said it experienced disruption “due to the lack of a shared component” on the platforms that made up its R1T truck, R1S SUV and RCV commercial van.

In its latest statement, Rivian said the component issue “is no longer a limitation to Rivian’s production.”

Of the 49,476 vehicles produced, 12,727 were manufactured in the fourth quarter. Rivian noted that it delivered 14,183 vehicles in the period and 51,579 for the full year. It had expected delivery in 2024 of a total of 50,500 to 52,000.

Despite today’s gains, Rivian Automotive shares have lost about 20% of their value over the past year.

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