Due to decreased EV deliveries in the fourth quarter, Rivian’s stock drops 10%
According to the company, it delivered 13,972 cars between October and December of 2023, 10.2% fewer than in the third quarter of 2023 but in accordance with Wall Street’s projections.
Tuesday saw a roughly 10% decrease in Rivian Automotive’s stock price following the company’s announcement that fourth-quarter car production had grown but deliveries had decreased from the prior quarter.
The manufacturer of electric vehicles reported that it delivered 13,972 vehicles between October and December of 2023, 10.2% fewer than in the third quarter of 2023 but in accordance with forecasts from Wall Street.
According to a survey of analysts, Rivian was predicted to deliver roughly 14,000 cars in the quarter.
Tuesday’s closing price for Rivian’s shares was $21.10, a decrease of 10.1%. Last year, the stock had a roughly 27% gain.
Compared to the 16,304 EVs produced in the third quarter, Rivian produced 17,541 EVs in the fourth quarter.
During the entire year, it produced 57,232 vehicles at its Normal, Illinois, factory. That exceeded the company’s forecasted production of 54,000 automobiles for the entire year 2023.
Following the closure of the markets on February 21, Rivian will release its fourth-quarter earnings results.
The news about Rivian comes the same day as Tesla, the market leader in US electric vehicle sales, handily exceeded Wall Street’s predictions for fourth-quarter shipments.
In contrast to forecasts of 477,000 automobiles based on a consensus of estimates compiled by StreetAccount as of December 28, Tesla said on Tuesday that it has delivered 484,507 vehicles.
