Rivian on target to produce cars by 2024 after downgrading forecasts

Rivian Automotive Company Car production and deliveries in 2024 were in line with the company’s previously stated expectations.

Manufacturer of electric vehicles 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 reduced the production plan until 2024 to a range of 47,000 to 49,000 vehicles – up from 57,000 units. The company expected deliveries of 50,500 to 52,000 vehicles.

The company said in October that the adjusted target was due to a “production disruption due to a common component shortage” for its current vehicles, the R1T pickup, R1S SUV and commercial van.

The company said on Friday that the previously discussed shortage “is no longer a constraint on Rivian’s production.”

Rivian shares were up more than 10% early Friday morning. The stock has fallen 43% in the past year. the company burned money and failed to meet production targets.

Rivian is scheduled to announce fourth-quarter financial results on February 20.