Rivian Automotive, Inc. (RIVN) saw its stock soar as high as 9.28% in intraday trading on Friday, driven by the electric vehicle maker's better-than-expected fourth-quarter deliveries and an easing of a previous supply constraint.
The Irvine, California-based company delivered 14,183 vehicles in Q4, exceeding analysts' estimates of 13,472 units. This marked a 42% increase from the previous quarter and Rivian's highest deliveries in over a year, even though its largest backer Amazon took fewer deliveries due to the holiday season.
Notably, Rivian announced that the previously discussed component shortage that had forced it to cut its annual production target in October is no longer a constraint on its manufacturing. This supply boost, combined with the strong delivery numbers, fueled investor optimism and propelled the stock higher.