RIVN Shares Tumble Over Production Woes

By Bobby Samwell • Tuesday, January 02 10:08 • Permanent Link

Rivian Automotive, Inc. (NASDAQ: RIVN) has announced its production figures for the fourth quarter and full-year 2023. The company revealed that it produced 17,541 vehicles at its manufacturing facility in Normal, Illinois, and delivered 13,972 vehicles during the same quarter. For the entire year of 2023, Rivian produced 57,232 vehicles and delivered 50,122, surpassing the management's most recent full-year 2023 production guidance of 54,000 vehicles.

Following this announcement, the company's stock experienced a 9.0% decrease, with shares trading at $21.36.

In a statement, Rivian's management expressed optimism about the company's performance, stating, "We are pleased with our production and delivery figures for the fourth quarter and full-year 2023, which exceeded our guidance. This reflects the growing demand for our vehicles and the dedication of our team."

Furthermore, the company disclosed that it will release its fourth quarter 2023 financial results on February 21st, after the market close. Rivian will host an audio webcast at 5:00 p.m. ET the same day to discuss the performance and outlook for the business.

The full 8-K submission is available here.

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