[ad_1]
Rivian (NASDAQ:RIVN) has introduced the outcomes of its first quarter 2024 automobile manufacturing and deliveries. As per a press launch from the electrical truck maker, Rivian was capable of produce 13,980 and ship 13,588 autos in Q1 2024. All autos have been produced on the firm’s manufacturing unit in Regular, Illinois.
Rivian’s Q1 2024 automobile manufacturing and supply outcomes have been in keeping with the corporate’s expectations. Additionally they exceeded Wall Avenue’s estimates. As famous by Wall Avenue veteran Gary Black of The Future Fund, LLC, the Avenue anticipated Rivian to provide 13,800 autos and ship 11,900 models in Q1 2024.
$RIVN 1Q delivs 13,588 beat WS 1Q est of 11,900. RIVN 1Q Manufacturing 13,980 autos vs 13,800 est.
In Feb $RIVN had guided 1Q deliveries can be down 10-15% QoQ (delivs have been 13,972 in 4Q). $RIVN maintained its FY’24 manufacturing information of 57K.
— Gary Black (@garyblack00) April 2, 2024
Curiously sufficient, Rivian additionally famous in February that its Q1 deliveries can be down 10-15% quarter-over-quarter. For context, Rivian delivered 13,972 autos within the fourth quarter of 2023. Contemplating its robust Q1 2024 outcomes, it’s no shock that the electrical truck maker additionally maintained its manufacturing steerage of 57,000 autos for the total yr 2024. FactSet consensus for Rivian’s FY 2024 manufacturing is at present at 54,000 autos, as per a MarketWatch report.
Rivian has introduced that it is going to be releasing its first quarter 2024 monetary outcomes after markets shut on Could 7, 2024. An audio webcast of its earnings name would even be held at 5 p.m. ET on Could 7, the place the corporate’s management is anticipated to debate Rivian’s efficiency and outlook.
Whereas Rivian posted spectacular Q1 2024 numbers, the corporate’s inventory nonetheless felt stress on Tuesday’s premarket. As of writing, RIVN inventory is down 6.23% to $10.40 per share.
Don’t hesitate to contact us with information suggestions. Simply ship a message to simon@teslarati.cDon ‘t give us a heads up.
[ad_2]
