Rivian electric vehicles (EV) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
Shares of Rivian Automotive recorded their best day ever after the electric vehicle maker reported 2024 production and deliveries that were in line with its previously announced expectations.
Rivian stock closed Friday at $16.49 per share, up 24.5% during the session. That is the largest daily percentage increase for the stock since the EV maker went public in November 2021, according to FactSet. The prior record was 23.2%, set in June.
Rivian on Friday said 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 last three months of the year.
The automaker’s fourth-quarter deliveries topped estimates of 13,472, according to 15 analysts polled by Visible Alpha, according to Reuters.
Rivian in October lowered its 2024 production target to a range of 47,000 to 49,000 vehicles – down from 57,000 units. The company had expected deliveries of between 50,500 and 52,000 vehicles.
The company in October said the adjusted target was because of a “production disruption due to a shortage of a shared component” for its current vehicles — the R1T pickup, R1S SUV and a commercial delivery van.
The company on Friday said the previously discussed shortage “is no longer a constraint on Rivian’s production.”
Rivian’s stock declined 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 Feb. 20.
