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Rivian Automotive Drops 15% After Q4 Report

EV maker sets 2024 production goal at 57,000 vehicles

Shares of Rivian Automotive Inc. fell around 15% to $13 apiece during after-hours trading after the Irvine manufacturer reported its 2024 production guidance that missed analysts’ estimates.

Rivian estimated it will make 57,000 vehicles this year, which Reuters said was below analyst average estimate for 81,700.

The EV maker cited “economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates” as factors in the 2024 forecast.

“We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions,” Chief Executive RJ Scaringe said in a statement.

Rivian produced more than 57,000 vehicles in 2023, surpassing its initial guidance of 50,000.

Fourth quarter revenue rose 98% to $1.3 billion, beating the general analyst estimate of $1.26 billion for the quarter. The automaker’s market cap was $14.7 billion prior to the announcement.

Rivian is scheduled to reveal its R2 model on March 7 at its Laguna Beach retail center.

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