Rivian Automotive (RIVN, Financial) sees its stock decline in premarket trading on Friday, losing 3% in value despite posting promising Q4 results and updating its 2024 outlook. The electric vehicle maker records its highest quarterly revenue, thanks to strong regulatory credit sales and increased software and services income. Rivian boosts its R1 average selling prices as its Tri-Motor offering expands. The company cuts its quarterly adjusted EBITDA loss compared to last year and posts a gross profit for Q4. At its Normal, Illinois facility, Rivian produces 12,727 vehicles and delivers 14,183, outperforming analyst expectations. For full-year 2024, the firm meets guidance with 49,476 vehicles produced and 51,579 delivered.
It also confirms that a past shortage of a shared component on its R1 and RCV platforms no longer hampers production. CEO updates focus on cost efficiency as Rivian prepares for its mass market R2 launch. Looking forward, Rivian sets 2025 delivery guidance between 46,000 and 51,000 vehicles, while adjusted EBITDA is projected between -$1.7 billion and -$1.9 billion. Investors remain attentive amid shifting market conditions.
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