UPDATED 6:22 p.m. 1/3/24
(Reuters) -Rivian Automotive posted a sequential fall in fourth-quarter deliveries on Tuesday, and missed market estimates, as tough competition and high interest rates affect demand for its electric vehicles.
Shares of Rivian fell nearly 7% in pre-market trading Tuesday. After closing down ten percent Tuesday, stocks closed down another 3.7 percent Wednesday.
The company delivered 13,972 vehicles in the quarter to Dec. 31, 10% lower than the previous three months, and below estimates of 14,430, according to 13 analysts polled by Visible Alpha.
High interest rates have raised monthly payments for electric vehicles, making them less affordable. The Rivian R1T pickup truck, produced in Normal, Illinois, which starts at $73,000, also faces competition from Tesla’s Cybertruck, which was unveiled in late November.
Rivian produced 17,541 vehicles in the last three months of the year, up 7.5% from the prior quarter, taking the annual production to 57,232 units, exceeding its prior forecast of 54,000 vehicles.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra Eluri)
CLICK HERE to read the full statement from Rivian on deliveries.
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