Rivian Automotive, Inc. has announced strong Q4 and full-year 2024 production and delivery figures. The company delivered 14,183 vehicles in Q4, surpassing analyst estimates of 13,472, and produced 12,727 vehicles at its Normal, Illinois plant.
For the full year 2024, Rivian produced 49,476 vehicles and delivered 51,579, aligning with its guidance of 47,000–49,000 vehicles produced and 50,500–52,000 delivered.
A previously reported component shortage affecting R1 and RCV platform production has been resolved, allowing for smoother operations moving forward.
Rivian faced a parts shortage for its R1 SUV, R1T pickups, and delivery vans in the third quarter, forcing it to lower its yearly production target in October. However, the company announced on Friday that this shortage is no longer an issue.
Rivian has cut costs significantly by renegotiating supplier deals and improving its manufacturing processes, helping it aim for a gross profit in the fourth quarter. It also formed a technology partnership with Volkswagen last year, securing a $5 billion boost.
Electric vehicle (EV) makers are facing slower demand as high interest rates drive customers toward cheaper hybrid cars and traditional automakers ramp up their EV production. Tesla, Rivian’s larger competitor, reported its first annual drop in deliveries on Thursday, partly due to its aging models.
Rivian plans to release its Q4 2024 financial results on February 20, 2025, after market close.
