Rivian Stock Soars as EV Maker Says Production Issues Have Been Resolved | Global News Avenue

Rivian Automotive Company stock (RivigneShares soared on Friday after the maker of electric trucks and SUVs reported full-year production that topped previously revised forecasts and said issues affecting output had been resolved.

Rivian shares rose 23% on Friday morning, hitting their highest level in five months.

The Illinois-based manufacturer reported it produced 49,476 vehicles in 2024. In October, the agency lowered its estimate to a range of 47,000 to 49,000 from 57,000 previously. The change comes after the company said it experienced disruptions on the platforms of its R1T truck, R1S SUV and RCV commercial van “due to a lack of shared components”.

Rivian said in its latest statement that parts issues “are no longer a limitation on Rivian production.”

Of the 49,476 vehicles produced, 12,727 were produced in the fourth quarter. Rivian noted that it delivered 14,183 vehicles during the period and 51,579 vehicles for the full year. Total deliveries in 2024 are expected to be 50,500 to 52,000 vehicles.

Despite today’s gains, Rivian Automotive shares have lost about 20% over the past year.