Rivian (RIVN) Stock Plunges on Q4 Deliveries Miss

Shares of Rivian (NASDAQ: RIVN ) stock are down by about 10% on the first day of trading of 2024 after the electric vehicle (EV) company reported its fourth quarter production and deliveries. For the three months ending Dec. 31, Rivian produced 17,541 vehicles and delivered 13,972 vehicles. However, analysts were expecting 14,430 delivered vehicles , meaning that Rivian fell short by about 3.2%.

During the fourth quarter of 2022, Rivian produced 10,020 vehicles and delivered 8,054 vehicles. Furthermore, Rivian’s deliveries fell from the third quarter when it delivered 15,564 vehicles. Production during the third quarter tallied in at 16,304 vehicles, meaning that fourth quarter production grew by about 7.6% quarter over quarter.

RIVN Stock: Rivian Reports Fourth Quarter Production and Deliveries For the full year of 2023, Rivian produced 57,232 vehicles and delivered 50,122 vehicles. Rivian had previously guided for 2023 production of 54,000 vehicles and beat the estimate by a healthy 6%. 2023 production grew by about 135% compared to 2022 production of 24,337 vehicles, while 2023 deliveries grew by 146.5% compared to 2022 deliveries of 20,332 vehicles.

These numbers make it very clear that Rivian is ramping up its scale and EV market share. Meanwhile, Rivian also disclosed that it would report its fourth quarter earnings on Feb. 21 after the market close. Analysts tracked by Koyfin expect revenue to increase by 90.6% year over year to $1.264 billion, while EPS is expected to be a loss of $1.52 compared to a loss of $1.87 a year ago.

Quarterly analyst estimates out until Q4 of 2025 do not expect the company to become profitable on a GAAP basis. However, Rivian is expected to post its first year of profitability in 2030. According to Yahoo Finance , Rivian’s delivery miss could be attributed to weak Electric Delivery Van ( EDV ) deliveries to Amazon (NASDAQ: AMZN ).

Amazon currently has a purchase order for 100,000 EDVs which is set to be completed in 2030. Rivian has already delivered over 10,000 EDVs to the e commerce giant. Competition from Tesla’s (NASDAQ: TSLA ) Cybertruck could have also hampered sales of the company’s R1T pickup truck. On the date of publication, Eddie Pan held a LONG position in AMZN.

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