Rivian electric vehicles (EV) are parked at the Rivian Venice Hub on November 13, 2024 in Venice, California.
Mario Tama | Getty Images
shares Rivian Cars The electric car maker posted its best day ever after the electric car maker reported 2024 production and deliveries in line with its previously announced forecasts.
Rivian stock closed Friday at $16.49 per share, up 24.5% over the session. This is the stock's largest daily percentage increase since the electric car company went public in November 2021, according to FactSet. The previous record was 23.2%, set in June.
Rivian said Friday that 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 final three months of the year.
The automaker's fourth-quarter deliveries beat 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 was expecting to deliver between 50,500 and 52,000 cars.
The company said in October that the revised target was due to “production disruption due to a common component shortage” for its existing vehicles — the R1T pickup truck, R1S SUV, and commercial delivery van.
The previously discussed shortage “no longer poses a barrier to Rivian production,” the company said Friday.
Rivian stock fell 43% last year as the company burned through cash and failed to meet production goals.
Rivian is scheduled to announce its fourth-quarter financial results on February 20.
