Rivian fourth-quarter vehicle deliveries came in well above forecasts and the EV startup hit its 2024 delivery target number, the company announced early Friday. Rivian stock rose.
Rivian reported Friday it delivered 14,183 vehicles in Q4 and produced 12,727 units at its manufacturing facility in Normal, Illinois. A year ago, Rivian delivered 13,972 vehicles while producing 17,541 units.
Analyst consensus had Rivian fourth-quarter deliveries totaling around 12,700 units, according to FactSet.
For the full year, Rivian produced 49,476 vehicles and delivered 51,579, in line with its goal of 50,500 to 52,000 deliveries. Rivian previously forecast 2024 production of 47,000 to 49,000 units.
The 2024 deliveries represent low single-digit growth compared to 2023 when Rivian produced 57,232 vehicles and delivered 50,122 units.
Rivian also announced early Friday that Q4 earnings will be on Feb. 20 and that the component shortage the company reported in October is "no longer a constraint" on production.
The EV startup has repeatedly stated it is targeting positive gross profit per vehicle in Q4. The company on Nov. 7 said it remained "on track" for positive gross profit per vehicle by the fourth quarter.
Rivian lost around $39,130 per vehicle in Q3, up from $32,700 per vehicle in the second quarter. In Q1, Rivian lost more than $38,700 per vehicle delivered.
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Rivian Stock
RIVN soared 24.4% to 16.49 during market trade on Friday, bouncing from the 21-day line and moving above a possible cup-with-handle buy point of 15.49, the Dec. 16 high.
Meanwhile, Tesla also reported Q4 delivery numbers on Thursday.
RIVN shares fell 43% in 2024. However, the stock gained nearly 9% in December. Rivian shares have also advanced around 30% since the U.S. Department of Energy on Nov. 25 announced the EV startup would receive a loan up to $6.6 billion.
The stock is currently above both its 200-day moving average and 50-day line. Rivian stock is about 82% below its IPO price of $78, according to MarketSurge analysis.
Shares are working on a very deep cup base with an 18.86 buy point. Investors can use 15.49 as an early entry from a handle that's slightly too low to be proper.
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Rivian CEO Sells Stock
Rivian Chief Executive RJ Scaringe has also repeatedly sold shares of RIVN since June, according to regulatory filings. Most recently, Scaringe on Dec. 23 sold 71,429 shares for an estimated $991,291.66. The Rivian head also sold 71,429 RIVN shares for about $975,191.57 on Dec. 12.
On Nov. 25, Scaringe, in a prescheduled sale, sold 83,334 RIVN shares for about $937,507. Scaringe has exercised RIVN stock options more than eight times since June, according to SEC filings.
Rivian stock has a 42 Composite Rating out of 99. Additionally, the stock has a 70 Relative Strength Rating and its EPS Rating is 21 out of 99.
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