Rivian electric vehicles (EVs) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | fake images
Actions of Rivian Automotive recorded its best day ever after the electric vehicle maker reported that production and deliveries for 2024 were in line with previously announced expectations.
Rivian stock closed Friday at $16.49 per share, up 24.5% over the session. It's the stock's biggest daily percentage gain since the electric vehicle maker went public in November 2021, according to FactSet. The previous record was 23.2%, set in June.
Rivian said Friday that it produced 49,476 vehicles in 2024, including 12,727 trucks and vans during the fourth quarter, and delivered 51,579 vehicles, including 14,183 models during the final three months of the year.
The automaker's fourth-quarter deliveries beat estimates of 13,472, according to 15 analysts surveyed by Visible Alpha, according to Reuters.
In October, Rivian lowered its 2024 production target to a range of 47,000 to 49,000 vehicles, down from 57,000 units. The company expected deliveries of between 50,500 and 52,000 vehicles.
In October, the company said the adjusted target was due to a “production disruption due to a shortage of a shared component” for its current vehicles: the R1T pickup truck, the R1S SUV and a commercial delivery van.
The company said Friday that the previously discussed shortages “are no longer a limitation on Rivian production.”
Rivian shares fell 43% last year as the company burned through cash and missed its production targets.
Rivian is scheduled to announce its fourth-quarter financial results on February 20.
