Rivian meets its 2024 vehicle production target after lowering projections

Core Insights - Rivian Automotive's 2024 vehicle production and deliveries met the company's previously announced expectations, producing 49,476 vehicles and delivering 51,579 vehicles in total [1] - The company had previously lowered its 2024 production target to a range of 47,000 to 49,000 vehicles due to a production disruption caused by a shortage of a shared component [2] - The production constraint mentioned earlier is no longer affecting Rivian's production capabilities, leading to a 4% increase in shares during premarket trading [3] Production and Deliveries - In 2024, Rivian produced 49,476 vehicles, including 12,727 trucks and vans in the fourth quarter [1] - The total deliveries for the year were 51,579 vehicles, with 14,183 delivered in the last three months [1] - The adjusted production target was a decrease from the initial expectation of 57,000 units [2] Financial Performance - Rivian's shares experienced a decline of 43% last year due to cash burn and missed production targets [3] - The company is set to announce its fourth-quarter financial results on February 20 [3]