Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Rivian said on Friday that a previously reported shortage of a shared component affecting its R1 and RCV platforms is no longer limiting its production.
The company had faced supply chain disruptions in late 2024, forcing it to lower its annual production guidance from 57,000 vehicles to a range of 47,000 to 49,000 units. Despite the challenges, Rivian produced 49,476 vehicles for the year, exceeding the upper end of its revised forecast.
The supply issue was tied to a miscalculation in demand planning with Essex Furukawa, Rivian’s sole supplier of copper wires for its EV motors, according to an October report from Bloomberg. The supplier had shifted resources to other customers after Rivian’s demand signals fell short, leading to the production constraint.
In the fourth quarter report, Rivian stated,”In addition, the previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian’s production.”
The company announced that it will report the fourth quarter earnings results on February 20th, after market close.
As of the time of writing, Rivian’s shares were up 6%, trading at $14.05.
Deliveries stood at 14,183 units in the fourth quarter of 2024, a sequential increase of 41.6% from the 10,018 units recorded in the third quarter of the year
The delivery figures from the last quarter of 2024 represent an increase of 2% percent when compared to the same quarter of 2023. The annual deliveries grew by about 3% to 51,579 units.
Written by Cláudio Afonso | LinkedIn | X
