Rivian exceeds 2024 vehicle production target despite reducing expectations.

• Rivian Automotive's 2024 vehicle production and deliveries met the company's previously stated expectations.
• In October, Rivian adjusted its 2024 production target to a range of 47,000 to 49,000 vehicles.
• Last year, Rivian's shares dropped by 43% due to the company's cash burn and failure to meet its production goals.

The company's previously announced expectations for 2024 vehicle production and deliveries were met.

Last year, the electric vehicle manufacturer produced 49,476 vehicles, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles, including 14,183 models in the last three months of the year.

Rivian reduced its 2024 production target from 57,000 units to a range of 47,000 to 49,000 vehicles, which is lower than the expected deliveries of between 50,500 and 52,000 vehicles.

The company announced in October that the adjusted target was due to a "production disruption caused by a shortage of a shared component" for its current vehicles, including the R1T pickup, R1S SUV, and commercial delivery van.

Rivian's production is no longer constrained by the previously discussed shortage, as the company announced on Friday.

Rivian's stock price increased by approximately 4% during premarket trading on Friday. Despite this, the stock had decreased by 43% in the previous year due to the company's cash burn and failure to meet its production targets.

Rivian is scheduled to announce its fourth-quarter financial results on Feb. 20.