Rivian electric vehicles (EV) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
Sections of Rivian Automotive recorded its best day ever after the electric vehicle maker reported 2024 production and deliveries that matched its previous expectations.
Rivian stock closed Friday at $16.49 per share, up 24.5% during the session. That's the biggest daily percentage increase for the stock since the EV maker went public in November 2021, according to FactSet. The previous record was 23.2%, set in June.
Riabha Friday said it produced 49,476 vehicles in 2024, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles, including 14,183 models in 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 planned to deliver between 50,500 and 52,000 vehicles.
The company said in October that the revised target was due to “production disruptions due to component shortages” for its current vehicles – the R1T pickup, R1S SUV and commercial delivery van.
The company said on Friday that the previously discussed shortage “is no longer an obstacle to the production of Rivian.” “
Rivian stock declined 43% last year as the company burned through money and missed its production targets.
Rivian plans to announce its fourth-quarter financial results on February 20.
