US Markets
Tuesday, January 2nd, 2024 4:11 pm EDT
Key Points
- Rivian’s Stock Decline: Rivian Automotive experienced a nearly 10% decline in its stock during early Tuesday trading. This decline was attributed to the company’s report on increased vehicle production in the fourth quarter but a decrease in deliveries compared to the previous period.
- Delivery and Production Figures: Rivian reported delivering 13,972 vehicles from October through December, marking a 10.2% decline from the third quarter of 2023. Despite this, the deliveries were in line with Wall Street’s expectations, with analysts anticipating around 14,000 vehicle deliveries for the quarter. In terms of production, Rivian increased its output, producing 17,541 electric vehicles (EVs) in the fourth quarter, up from the 16,304 produced in the third quarter. The company’s full-year production reached 57,232 vehicles, surpassing its initial guidance of 54,000 vehicles for the entire year.
- Market Reaction and Comparison with Tesla: The market response to Rivian’s performance was reflected in the stock decline. This news coincided with the announcement from U.S. electric vehicle leader Tesla, which exceeded Wall Street expectations for fourth-quarter deliveries. Tesla reported delivering 484,507 vehicles, surpassing the anticipated 477,000 vehicles according to estimates compiled by StreetAccount as of December 28. The comparison with Tesla’s positive results may have contributed to Rivian’s stock decline. Rivian is set to announce its fourth-quarter earnings results after the markets close on February 21.
Rivian Automotive faced a nearly 10% decline in its stock during early Tuesday trading following the company’s report on increased vehicle production in the fourth quarter but a decrease in deliveries compared to the previous period. From October to December, Rivian delivered 13,972 vehicles, marking a 10.2% decline from the third quarter of 2023, although this was in line with Wall Street’s expectations of around 14,000 deliveries. The company, however, saw an increase in production, manufacturing 17,541 electric vehicles (EVs) in the fourth quarter compared to the 16,304 produced in the third quarter. The full-year production reached 57,232 vehicles, exceeding Rivian’s initial guidance of 54,000 vehicles for 2023. The company is set to reveal its fourth-quarter earnings results on February 21. The announcement coincided with Tesla, a prominent U.S. electric vehicle leader, surpassing Wall Street predictions for fourth-quarter deliveries by announcing the delivery of 484,507 vehicles, outperforming the expected 477,000 vehicles according to estimates compiled by StreetAccount as of December 28.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/01/02/rivian-q4-ev-deliveries.html
