EV company Rivian Automotive, Inc. RIVN shares are trading higher on Friday. The company disclosed its production and delivery figures for the fourth quarter and full-year 2024.
The company reported a 1.5% year-on-year rise in its fourth-quarter deliveries to 14,183 vehicles. The company produced 12,727 vehicles at its Normal, Illinois facility.
The delivery numbers are in contrast to 10,018 electric vehicles in the third quarter, which was the lowest number of quarterly deliveries since the first quarter of 2023.
In 2024, Rivian delivered 51,579 units, a 3% rise from 2023. Total production amounted to 49,476 vehicles. This is in line with its annual guidance range of 47,000 to 49,000 vehicles produced and 50,500 to 52,000 vehicles delivered.
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In addition, Rivian noted that the previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on its production.
In November, the company said it was on track to turn a gross profit in the fourth quarter. In the third quarter, it reported a gross loss of $392 million.
Rivian has scheduled the release of its fourth-quarter 2024 financial results for February 20, following the market close.
Price Action: RIVN shares are trading higher by 12.9% at $14.96 at last check on Friday.
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