Manufacturing of electrical Rivian R1T pickup vehicles on April 11, 2022 on the firm’s plant in Regular, Unwell.
Michael Wayland | CNBC
Shares of Rivian Automotive declined 10% on Tuesday after the corporate reported elevated automobile manufacturing in the course of the fourth quarter however fewer deliveries than the earlier interval.
The corporate stated it delivered 13,972 autos from October by way of December, down 10.2% from the third quarter of 2023 however consistent with Wall Road’s expectations. Analysts surveyed by FactSet had anticipated Rivian to ship about 14,000 autos in the course of the quarter.
Rivian produced 17,541 EVs in the course of the fourth quarter, a rise over the 16,304 it produced in the course of the third quarter.
It produced 57,232 autos for the total 12 months, all at its manufacturing unit in Regular, Illinois. That topped the corporate’s full-year 2023 manufacturing steerage of 54,000 autos.
Rivian will announce its fourth-quarter earnings outcome after markets shut on Feb. 21.
Rivian’s outcomes come on the identical day U.S. EV chief Tesla simply topped Wall Road’s expectations for fourth-quarter deliveries.
Tesla on Tuesday stated it delivered 484,507 autos, in contrast with expectations of 477,000 autos in line with a consensus of estimates compiled by StreetAccount as of Dec. 28.
