Rivian inventory soars over 24% after This fall deliveries exceeds expectations

Investing.com — Shares of Rivian (NASDAQ:RIVN) surged over 24% on Friday, marking its finest day since November 2021, as the corporate exceeded expectations for fourth-quarter deliveries, asserting {that a} part scarcity now not limits its manufacturing.

This marks a big step ahead for the electrical automobile maker as it really works towards profitability.

The scarcity, which affected components utilized in its R1 SUV, R1T pickup vans, and supply vans, emerged within the third quarter and led the corporate to scale back its annual manufacturing goal in October.

“The beforehand mentioned scarcity of a shared part on the R1 and RCV platforms is now not a constraint on Rivian’s manufacturing,” the corporate stated in an announcement.

Rivian delivered 14,183 automobiles in the course of the three months ending Dec. 31, surpassing the 13,472 automobiles projected by 15 analysts surveyed by Seen Alpha.

This represented a 42% improve from the earlier quarter and was Rivian’s highest quarterly supply whole in over a yr, though Amazon (NASDAQ:AMZN), its largest investor, usually scales again deliveries within the fourth quarter to prioritize vacation operations.

The corporate produced 12,727 automobiles within the fourth quarter, exceeding analysts’ estimates of 11,398 items.

For the complete yr, Rivian manufactured 49,476 automobiles—down about 13% from 2023 however barely above the revised forecast of 47,000 to 49,000 items.

“With the provider/part concern within the rearview mirror, the main target will now be on RIVN’s capacity to execute on its path towards profitability as we see solely modest YoY progress in FY25 forward of the corporate’s deliberate 2026 R2 launch at Regular,” Truist Securities analysts stated in a word.

“We would count on shares to react positively to the print, though we’ll be largely waiting for the corporate’s earnings launch in February as we await FY25 steering/mgmt commentary.”