Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s plant in Normal, Illinois.
Michael Wayland | CNBC
Actions of Rivian Automotive fell nearly 10% during early trading Tuesday after the company reported higher vehicle production during the fourth quarter but fewer deliveries than the previous period.
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 surveyed by FactSet expected Rivian to deliver about 14,000 vehicles during the quarter.
Rivian produced 17,541 electric vehicles during the fourth quarter, an increase from the 16,304 it produced during the third quarter.
It produced 57,232 vehicles throughout the year, all at its Normal, Illinois factory. That exceeded the company’s full-year 2023 production guidance of 54,000 vehicles.
Rivian will announce its fourth-quarter earnings results after the markets close on February 21.
Rivian’s results come on the same day as the US electric vehicle leader. tesla It easily beat Wall Street’s expectations for fourth-quarter deliveries.
Tesla said Tuesday that it delivered 484,507 vehicles, compared with expectations of 477,000 vehicles based on a consensus estimate compiled by StreetAccount as of Dec. 28.
