Rivian Automotive Inc.’s stock went up 11% early Friday morning after the company that makes electric vehicles reported higher-than-expected delivery numbers for the fourth quarter and the whole year.
RIVN is based in Irvine, California.
+21.32% said it delivered 14,183 cars in the quarter, which was more than the 13,000 cars that FactSet thought it would deliver. It sold 51,579 units over the course of the year, which was also more than the 51,000 units that FactSet predicted.
As previously mentioned, Rivian no longer has a problem with not having enough of a shared component on the R1 and RCV platforms. This was stated by the company in a regulatory filing.
I was glad to hear the news about the component issue, said Baird analyst Ben Kallo.
As of now, the Volkswagen joint venture is over. “Key developments for 2025 will likely include possible fleet announcements for the RCV and doing everything possible to speed up the launch of R2 production in Normal,” Kallo wrote in a note to clients, referring to the Illinois town where Rivian has a plant.
Kallo, who has a neutral rating on the stock, said that faster-than-expected upgrades could lead to an earlier launch of the R2 model in Normal. Production is still on track for the first half of 2026.
Rivian is going to have earnings for the fourth quarter on Feb. 20, after the market closes.
They come a day after Tesla Inc. TSLA, the market leader,
+4.29% reported deliveries in the fourth quarter that were later than expected and its first-ever drop in annual sales.
Find out why this analyst isn’t worried about Tesla’s late deliveries now.
Rivian opened a network of EV chargers at the beginning of December. Owners of other brands of cars can use these chargers, which have high-end lounge areas. The first spot is in Joshua Tree, California. The company wants to put up to 3,500 chargers in 600 locations near travel hubs and, in line with Rivian’s image as a tough brand, in places where off-roaders like to go. Rivian will be adding more locations so that all drivers can use them.