Published , by Ozzie Mejia
Published , by Ozzie Mejia
With a new year comes a new start for companies around the world. This includes the various electric vehicle makers like Rivian, which issued its latest vehicle production report. The news isn't as good as investors would like it to be with Rivian reporting that it produced a total of 57,232 EVs in 2023 with production numbers declining in the fourth quarter.
"On a full-year 2023 basis, the company produced 57,232 vehicles and delivered 50,122," reads the Rivian Production & Delivery report. "This exceeded management's most recent full-year 2023 production guidance of 54,000 vehicles."
While Rivian sees the numbers as a positive, investors do not appear to share that same enthusiasm. According to CNBC, Rivian (RIVN) shares fell by nearly ten percent in the early trading day after investors observed that the 13,972 EVs delivery number from October through December is down 10.2 percent from Q3 2023. Shares remain down by roughly that same ten percent margin as of the time of this post.
As noted in the report, Rivian's 57,232 EV production number for 2023 exceeds the company's previous 54,000 vehicle estimate that it put out during its Q3 2023 earnings report. The company had opened the year with an initial production goal of 50,000 vehicles.
Rivian will report on its Q4 2023 earnings on Wednesday, February 21.