Shares of Rivian Automotive declined by almost 10% during early trading Tuesday after the company reported increased vehicle production during the fourth quarter but fewer deliveries than the previous period.
The company said it delivered 13,972 vehicles from October through December, down 10.2% from the third quarter of 2023 but in line with Wall Street’s expectations. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles during the quarter.
Rivian produced 17,541 EVs during the fourth quarter, an increase over the 16,304 it produced during the third quarter.
It produced 57,232 vehicles for the full year, all at its factory in Normal, Illinois. That topped the company’s full-year 2023 production guidance of 54,000 vehicles.
Rivian will announce its fourth-quarter earnings result after markets close on Feb. 21.
Rivian’s results come on the same day U.S. EV leader Tesla easily topped Wall Street’s expectations for fourth-quarter deliveries.
Tesla on Tuesday said it delivered 484,507 vehicles, compared with expectations of 477,000 vehicles according to a consensus of estimates compiled by StreetAccount as of Dec. 28.