Rivian delivered 14,183 electric vehicles (EVs) in the fourth quarter of 2024, surpassing Wall Street expectations, which had anticipated around 13,500 units. This performance helped the company meet its annual delivery guidance, with a total of 51,579 vehicles delivered throughout the year. The figure fell within the company’s forecasted range of 50,500 to 52,000 units and was a slight increase over the 50,122 vehicles delivered in 2023.
Rivian’s production for the fourth quarter also exceeded expectations, with 12,727 units manufactured. Overall, the company produced 49,476 vehicles in 2024, slightly above its revised target of 47,000 to 49,000 units. This marked a strong recovery after Rivian had to lower its production guidance in October due to a supply shortage, which had impacted earlier production schedules.
The company’s ability to overcome its supply chain challenges and ramp up production has been a key factor in the positive momentum seen in recent months. Rivian’s net loss in the third quarter of 2024 narrowed to $1.1 billion, an improvement from the previous year’s loss of $1.34 billion, signaling progress in its cost-cutting efforts and production efficiency. Rivian also reported a decrease in the per-vehicle loss, dropping from $30,648 in Q3 2023 to $39,000 in Q3 2024. This was a significant improvement compared to the over $139,000 loss per vehicle reported in Q3 2022.
The company has been working on aggressively reducing material costs through new supplier contracts and technology, and it is poised to post its first positive growth profit in Q4 2024, signaling further financial improvement. Additionally, Rivian continues to benefit from a joint venture with Volkswagen, which could provide up to $5.8 billion in potential financial opportunities.
Rivian’s stock rose over 10% in pre-market trading following the announcement of its Q4 performance, though its share prices are still down around 30% over the past year. The company is scheduled to release its Q4 2024 financial results after the market closes on February 20, 2025.
