Shares of Rivian Automotive (NASDAQ: RIVN) have been buying and selling greater on Friday after the corporate introduced fourth-quarter manufacturing and supply outcomes that have been higher than Wall Avenue anticipated.
As of 1:40 p.m. ET, Rivian’s shares have been up 23% from Thursday’s closing value.
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Demand for Rivian’s EVs was stronger than Wall Avenue anticipated
Rivian mentioned on Friday morning that it produced 12,727 electric vehicles (EVs) within the fourth quarter, and delivered 14,183 EVs to prospects throughout the identical interval. Each numbers have been a bit forward of what Wall Avenue had anticipated, based on estimates reported by Reuters.
For the complete yr, Rivian produced 49,476 automobiles and delivered 51,579. Each numbers have been solidly throughout the firm’s prior steerage ranges.
Rivian additionally mentioned {that a} element scarcity that had restricted the corporate’s manufacturing of each supply vans and its R1 fashions had been resolved and is “now not a constraint.”
All of that is excellent information for shareholders. Traders have been involved about broader EV demand amid rising indicators that demand for Tesla automobiles is slipping somewhat; Rivian’s outcomes present that demand — for Rivian automobiles, at the very least — stays regular.
Quick provides of a key element had restricted Rivian’s manufacturing earlier in 2024. Rivian mentioned Friday that the components scarcity has now been resolved. Picture supply: Rivian Automotive.
Rivian’s upcomingearnings callwill be an enormous one
Rivian additionally mentioned that it’ll report its fourth-quarter and full-year 2024 monetary outcomes after the U.S. markets shut on Feb. 20. That shall be a must-listen name for Rivian buyers, who shall be hoping that Rivian hit its long-standing goal of positive gross profits by the top of 2024.
As well as, I count on the corporate to element its expectations for 2025, which could possibly be a yr of treading water forward of the deliberate launch of its higher-volume R2 fashions in mid-2026.
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John Rosevear has no place in any of the shares talked about. The Motley Idiot has positions in and recommends Tesla. The Motley Idiot has a disclosure policy.
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