Rivian Automotive’s 2024 vehicle production and deliveries were in line with the company’s previously announced expectations.
The electric vehicle maker on Friday said it produced 49,476 vehicles last year, including 12,727 trucks and vans during the fourth quarter, and delivered 51,579 vehicles, including 14,183 models during the last three months of the year.
Rivian in October lowered its 2024 production target to a range of 47,000 to 49,000 vehicles – down from 57,000 units. The company had expected deliveries of between 50,500 and 52,000 vehicles.
The company in October said the adjusted target was because of a “production disruption due to a shortage of a shared component” for its current vehicles — the R1T pickup, R1S SUV and a commercial delivery van.
The company on Friday said the previously discussed shortage “is no longer a constraint on Rivian’s production.”
Shares of Rivian were up roughly 4% during premarket trading Friday. The stock declined 43% last year as the company burned through cash and missed its production targets.
Rivian is scheduled to announce its fourth-quarter financial results on Feb. 20.