(Reuters) – Rivian surpassed analysts’ expectations for fourth-quarter deliveries on Friday and said its production was no longer constrained by a component shortage, a positive sign for the electric vehicle maker aiming to turn its first profit.
Shares of the California-based company rose nearly 19%. The stock lost more than 40% of its value in 2024.
The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.
“The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian’s production,” the company said on Friday.
Rivian handed over 14,183 vehicles in the three months ended Dec. 31, compared with estimates of 13,472, according to 15 analysts polled by Visible Alpha.
That was a 42% jump from the previous quarter and marked Rivian’s highest deliveries in more than a year, even though Amazon.com its biggest backer, takes fewer deliveries in the fourth quarter due to its focus on holiday season sales.
