Al Root
Rivian beat Telsa on Wednesday -- by reporting first-quarter deliveries ahead of the electric-vehicle giant.
Rivian stock was lower after first-quarter sales dropped significantly. The number, however, shouldn't be a big surprise.
Rivian announced first-quarter deliveries of 8,640 vehicles. That's down 36% year over year but in line with company and Wall Street estimates. Analysts projected about 9,000 vehicles sold.
Rivan made 14,611 vehicles, up from 13,980 produced in the first quarter of 2024.
The company also reaffirmed its 2025 delivery range guidance of 46,000 to 51,000 vehicles.
Shares were down 2.6% at $12.94 in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were down 1% and 0.8%, respectively.
Coming into Wednesday, Rivian stock has traded flat this year but has gained about 26% over the past 12 months. Deals with Volkswagen have brought in more cash, and investors are looking ahead to the launch of the company's lower-priced EVs due out in 2026.
Tesla is due to report first-quarter numbers later Wednesday. Investors are looking for deliveries of between 360,000 and 380,000 vehicles.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 02, 2025 08:51 ET (12:51 GMT)
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