Shares of Rivian Automotive (RIVN 24.45%) were trading higher on Friday after the company announced fourth-quarter production and delivery results that were better than Wall Street expected.
As of 1:40 p.m. ET, Rivian's shares were up 23% from Thursday's closing price.
Demand for Rivian's EVs was stronger than Wall Street expected
Rivian said on Friday morning that it produced 12,727 electric vehicles (EVs) in the fourth quarter, and delivered 14,183 EVs to customers during the same period. Both numbers were a bit ahead of what Wall Street had expected, according to estimates reported by Reuters.
For the full year, Rivian produced 49,476 vehicles and delivered 51,579. Both numbers were solidly within the company's prior guidance ranges.
Rivian also said that a component shortage that had limited the company's production of both delivery vans and its R1 models had been resolved and is "no longer a constraint."
All of that is very good news for shareholders. Investors have been concerned about broader EV demand amid growing signs that demand for Tesla vehicles is slipping somewhat; Rivian's results show that demand -- for Rivian vehicles, at least -- remains steady.
Short supplies of a key component had limited Rivian's production earlier in 2024. Rivian said Friday that the parts shortage has now been resolved. Image source: Rivian Automotive.
Rivian's upcoming earnings call will be a big one
Rivian also said that it will report its fourth-quarter and full-year 2024 financial results after the U.S. markets close on Feb. 20. That will be a must-listen call for Rivian investors, who will be hoping that Rivian hit its long-standing goal of positive gross profits by the end of 2024.
In addition, I expect the company to detail its expectations for 2025, which could be a year of treading water ahead of the planned launch of its higher-volume R2 models in mid-2026.
