Rivian drops in pre-market following 4Q delivery miss By Investing.com

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<span>© Reuters Rivian (RIVN) drops in pre-market following 4Q delivery miss</span><br />
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<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Rivian Automotive </span></span> </span></span> </span></span>&#8216;s (NASDAQ:) stock experienced a nearly 6% drop in pre-market trading following the release of their latest quarterly production and delivery figures.</p>
<p>Rivian reportedly delivered 13,972 vehicles during the quarter, 10% lower than in the preceding three months, short of the anticipated 14,430 units. This decline is partly attributed to increased interest rates, which have elevated the monthly expenses for electric vehicles, impacting their affordability.</p>
<p>Moreover, Rivian&#8217;s R1T pickup truck, starting at $73,000, faces stiff competition from Tesla&#8217;s Cybertruck, unveiled in late November.</p>
<p>Despite these challenges, Rivian managed to produce 17,541 vehicles in the last quarter of the year, marking a 7.5% increase from the previous quarter. Impressively, throughout 2023, the company manufactured 57,232 vehicles and delivered 50,122, surpassing their initial full-year 2023 production guidance of 54,000 vehicles.</p>
<p>The company is set to reveal its fourth quarter 2023 financial results after the market closes on February 21st. Additionally, Rivian will conduct an audio webcast at 5:00 p.m. ET on the same day to discuss its performance and future prospects for the business.</p>
<p>Shares of RIVN are down 5.8% in pre-market trading Tuesday morning.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/rivian-drops-in-premarket-following-4q-delivery-miss-432SI-3265604">Source link </a></p><p>The post <a href="https://forextraderhub.com/rivian-drops-in-pre-market-following-4q-delivery-miss-by-investing-com.html">Rivian drops in pre-market following 4Q delivery miss By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>