Production of electrical Rivian R1T pickup on April 11, 2022 at the business’s plant in Normal, Ill.
Michael Wayland|CNBC
Shares of Rivian Automotive decreased by practically 10% throughout early trading Tuesday after the business reported increased lorry production throughout the 4th quarter, however lower shipments than the previous duration.
The business stated it provided 13,972 automobiles from October through December, down 10.2% from the 3rd quarter of 2023 however in line with Wall Street’s expectations. Analysts surveyed by FactSet had actually anticipated Rivian to provide about 14,000 automobiles throughout the quarter.
Rivian produced 57,232 automobiles for the complete year, consisting of 17,541 EVs throughout the 4th quarter. That topped the business’s full-year 2023 production assistance of 54,000 automobiles.
Rivian will reveal its fourth-quarter revenues outcome after markets close onFeb 21.
Rivian’s results begun the very same day U.S. EV leader Tesla quickly topped Wall Street’s expectations for fourth-quarter shipments.
The business on Tuesday stated it provided 484,507 automobiles compared to expectations of 477,000 automobiles, according to an agreement of quotes put together by StreetAccount sinceDec 28.
