Why Rivian Automotive Shares Are Tumbling Today

Rivian Automotive Inc RIVN shares are dipping by around 10% after it reported Q4 and FY23 vehicle production and delivery totals.

The company produced 17,541 vehicles (vs. 10,020) at its manufacturing facility in Normal, Illinois, and delivered 13,972 cars in Q4.

The Q4 delivery was below the Q3 figure of 15,564 and below analysts' estimate of 14,430, as per Reuters.

For 2023, the company produced 57,232 vehicles and delivered 50,122, which exceeded management's most recent full-year production guidance of 54,000 vehicles.

Also Read: Gary Black Says Apple Should Buy Rivian To Catch Up With Chinese Smartphone Rivals Making Cars

The company will announce Q4 results on February 21, after the market close.

Yesterday, U.S.-listed Chinese electric vehicle makers reported strong delivery numbers for December despite the intensifying competitive threat in the domestic market.

Price Action: RIVN shares are down 9.67% at $21.19 on the last check Tuesday. 

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