Rivian Automotive Inc. reported a sequential decrease in fourth-quarter 2023 deliveries on Tuesday, missing market forecasts due to stiff competition and high-interest rates impacting electric vehicle demand.
According to the report, the company delivered 13,972 vehicles in the quarter ending December 31, a 10% drop from the previous quarter and below the anticipated 14,430.
Despite the delivery shortfall, Rivian's production rose 7.5% from the prior quarter to 17,541 vehicles, culminating in an annual output of 57,232 units, surpassing its 54,000 vehicle target. Rivian's shares plummeted nearly 7% in pre-market trading.
