MW Rivian's stock boosted by better-than-expected deliveries after soft numbers from rival Tesla
By Ciara Linnane
EV maker says a component shortage has been resolved
Rivian Automotive Inc.'s stock jumped 5% early Friday, after the electric vehicle maker posted delivery numbers for the fourth quarter and full year that exceeded analyst estimates.
Irvine, Calif.-based Rivian $(RIVN)$ said it delivered 14,183 vehicles in the quarter, ahead of the FactSet consensus for 13,000. For the full year, it delivered 51,579 units, also ahead of the 51,000 FactSet consensus.
"In addition, the previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian's production," the company said in a regulatory filing.
Rivian is scheduled to report fourth-quarter earnings on Feb. 20 after market close.
The numbers come a day after market leader Tesla Inc.'s fourth-quarter deliveries lagged estimates, and it reported its first-ever annual decline.
Read now: Why this analyst isn't worried about Tesla's deliveries miss
Rivian in early December launched a network of EV chargers that can be used by owners of other brands' cars and come with upscale lounge areas. The first location is in Joshua Tree, Calif. The company is planning up to 3,500 chargers in 600 sites near travel hubs, and, in keeping with Rivian's rugged image, locations popular with off-roaders. More locations will open to all drivers as Rivian builds out the network.
For more, see: Rivian's upscale charging stations will have lounges, libraries and make-your-own trail-mix
Rivian's stock has fallen 34.8% in the last 12 months, while the S&P 500 SPXhas gained 34.7%.
-Ciara Linnane
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January 03, 2025 08:53 ET (13:53 GMT)
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