On April 11, 2022, the Rivian R1T electric pickup truck was produced at the company’s plant in Normal, Illinois.
Mike Welland | CNBC
shares Rivian Cars In early trading Tuesday, the company reported higher vehicle production in the fourth quarter but fewer deliveries than the previous period, sending the company’s shares down nearly 10%.
The company said it delivered 13,972 vehicles from October to December, down 10.2% from the third quarter of 2023 but in line with Wall Street expectations. Analysts polled by FactSet had expected Rivian to deliver about 14,000 vehicles this quarter.
Rivian produced 17,541 electric vehicles in the fourth quarter, up from 16,304 in the third quarter.
The company produced 57,232 vehicles throughout the year, all at its plant in Normal, Illinois. This exceeded the company’s full-year 2023 production guidance of 54,000 units.
Rivian will report fourth-quarter earnings results after the market close on February 21.
Rivian announces results on same day, becomes U.S. electric vehicle leader Tesla Handily beating Wall Street expectations for fourth-quarter deliveries.
Tesla said on Tuesday it delivered 484,507 vehicles, compared with expectations for 477,000, according to StreetAccount’s consensus estimate as of Dec. 28.
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