Rivian’s Quarterly EV Deliveries Fall Short of Estimates
[Stay on top of transportation news: Get TTNews in your inbox.]
Rivian Automotive Inc. missed expectations for quarterly electric vehicle deliveries, weighing on the manufacturer’s shares even as production ramped up during the past year.
The company built 17,541 EVs in the final three months of 2023 and delivered 13,972, according to a statement Jan. 2. The fourth-quarter delivery total marked a sequential decline from the prior period and fell short of analysts’ average estimate of 14,114.
Shares of Rivian fell 9.7% to $21.19 as of 9:34 a.m. on Jan. 2 in New York. The stock rose 27% last year.
The delivery shortfall underscored the challenges facing the automaker, particularly in a year of lingering supply chain issues and slowing growth in the EV market. Irvine, Calif.-based Rivian builds two consumer EVs — a pickup and a sport utility vehicle — and a battery-electric delivery van for Amazon.com Inc., its single biggest shareholder.
All of Rivian’s production is handled out of a single facility in Illinois. A second plant is planned for Georgia, with production due to start on future models in 2026.
For all of 2023, Rivian produced 57,232 units across all three model lines, ahead of guidance for 54,000, which Rivian had updated in November. The company delivered 50,122 vehicles.
Want more news? Listen to today's daily briefing below or go here for more info:
