Rivian stock falls on Q1 production miss
) exceeded analyst expectations with its first-quarter EV deliveries. However, Rivian stock fell 1.2% as EV maker trailed analyst consensus for Q1 production numbers.
The company said it delivered a total of 13,588 EV units in Q1, easily ahead of the consensus of 11,893, according to the data compiled by Bloomberg. Rivian also announced that it manufactured 13,980 vehicles at its Normal, Illinois facility, which was lower than the expected 14,250. The company's Q1 performance is in line with its internal projections, indicating a strong start to the year. Rivian's management reaffirmed its guidance of 57,000 total vehicles produced by the end of 2024.“While RIVN has strong branding and a solid consumer & commercial SUV/Truck portfolio, high R1 prices at ~$70-95k+ are challenging, with low-price R2/R3 still distant at 1H26E.
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