Rivian Automotive stock (RIVN) is a surging stock on Friday, with shares up over 23% in the opening hours of trading. Today, the electric vehicle maker disclosed its production and delivery figures for the fourth quarter and the full year of 2024. The numbers drove up investor confidence heading into Q1 2025, thus pumping the stock.
RIVN entered Friday’s trading session changing hands at $13.91 per share. Rivian stock at press time is up to 16.08, an over 20% climb. EVs are set to continue shining in 2025, with Tesla (TSLA) leading the charge. However, with positive numbers of sales and deliveries in 2024, Rivian and other EV makers could pick up on gains.
Rivian reported a 1.5% year-on-year rise in its fourth-quarter deliveries to 14,183 vehicles. The company produced 12,727 vehicles at its Normal, Illinois facility. The deliveries are up from 10,018 electric vehicles in the third quarter, which was the lowest number of quarterly deliveries since Q1 2023. Additionally, Rivian delivered 51,579 units in 2024, a 3% rise from 2023. Total production amounted to 49,476 vehicles, which fits into the company’s guidance range.
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Furthermore, Rivian noted that a previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on its production. This is positive news for the continued development of its motors. In November, the company said it was on track to turn a gross profit in the fourth quarter. This would reverse a gross loss of $392 million in Q3.
The electric vehicle industry is expected to give another boost to the tech stock index in 2025. Smaller companies like Rivian and others could see exceptional gains in stock value if they continue solid performances each quarter. On the contrary, now may be the best time to capitalize on stock profits in the EV industry, as once Trump’s anticipated EV tax credit expulsion occurs, EV sales could fall.