Rivian experienced a nearly 10% drop in its share value in early trading on Tuesday, following a report of increased vehicle production but a decline in deliveries for the fourth quarter.
The electric vehicle (EV) manufacturer delivered 13,972 vehicles from October through December, marking a 10.2% decrease from the third quarter of 2023. However, these figures aligned with Wall Street’s expectations, as analysts surveyed by FactSet had anticipated around 14,000 deliveries for the quarter.
Despite the dip in deliveries, Rivian reported a rise in production, manufacturing 17,541 EVs in the fourth quarter, surpassing the 16,304 vehicles produced in the previous quarter. For the full year, the company produced 57,232 vehicles at its factory in Normal, Illinois, exceeding its full-year 2023 production guidance of 54,000 vehicles, reports CNBC.
Rivian is scheduled to announce its fourth-quarter earnings results after the market closes on February 21.
This news comes on the same day that U.S. EV leader Tesla reported surpassing Wall Street’s expectations for fourth-quarter deliveries. Tesla announced it delivered 484,507 vehicles, exceeding the forecast of 477,000 vehicles based on estimates compiled by StreetAccount as of December 28. Tesla delivered over 1.8 million vehicles in 2023, a new record for the company.
As of writing, shares of Rivian are down 9.8%, trading at $21.14 per share.
