Investors in electric vehicle (EV) maker Rivian Automotive (RIVN) are celebrating today after the company reported strong deliveries in Q4 2024. The company delivered a total of 14,183 EVs during this period, beating out Wall Street’s estimate of 13,472 units. Additionally, Rivian manufactured 12,727 EVs during the quarter, which is better than analysts’ estimate of 11,398 vehicles.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
EV production for the full year of 2024 came in at 49,476 units. That’s another positive for RIVN shares as the company’s production guidance only ranged from 47,000 to 49,000 EVs. However, investors will note that the company’s EV production was down 13% year-over-year.
The 2024 Rivian production drop resulted from supply constraints that started in Q3. The EV maker says this is no longer an issue, which helps explain why EV production in Q4 was better than analysts expected. This change allows it to boost R1 and RCV production.
How This Affects RIVN Stock Today
RIVN shareholders are celebrating the Q4 delivery news today, sending shares of the company’s stock 13.43% higher as of this writing. That’s a welcome change for long-term holders as Rivian’s stock has fallen 24.62% over the last 52 weeks.
Today’s news marks a major win for Rivian, especially considering the performance of its rivals. Tesla (TSLA) reported delivery data yesterday that missed analysts’ estimates. It also posted the first annual delivery decrease in the company’s history.
Is RIVN Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Rivian Rivian Automotive is Moderate Buy based on 10 Buy, 10 Hold, and one Sell ratings over the last three months. With that comes an average price target of $15.05, a high of $23, and a low of $11. This represents a potential 1.7% downside for RIVN shares.
