Electric vehicle maker Rivian exceeded its annual production goals, but the number of vehicles the startup delivered to customers in the final quarter of 2023 didn’t meet analysts’ expectations.
The California-based automaker produced 57,232 EVs in 2023, including 17,541 units from October through December.
That beat Rivian’s goal of assembling 54,000 vehicles for the year.
But Rivian saw the number of units delivered to customers dip in the fourth quarter, sending shares lower on the first trading day of the new year.
Rivian delivered 13,972 EVs during last year’s fourth quarter, a 10% decrease from the prior quarter. It also fell just shy of the average estimate expected of Wall Street analysts, which Bloomberg reported was about 14,114. By 11 a.m., Rivian stock was $21.14 per share, down about 10%.