Rivian is having its best day after 2024 production, reports reports

stocks Rivian Car The electric car maker had its best day yet after it said production and deliveries in 2024 were in line with previously announced expectations.

Rivian shares rose 24.5% during the session on Friday to close at $16.49. That’s the biggest daily percentage gain for the stock since the EV maker went public in November 2021, according to FactSet. The previous record was 23.2% set in June.

Rivian said on Friday It produced 49,476 vehicles in 2024, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles in the last three months of the year, including 14,183 models.

The automaker’s fourth-quarter deliveries topped estimates of 13,472, according to 15 analysts polled by Visible Alpha. Reuters.

Rivian in October It lowered its production target for 2024 47,000 to 49,000 cars – below 57,000 units. The company expected to deliver between 50,500 and 52,000 vehicles.

In October, the company said the revised target was due to “production disruptions due to common component shortages” for its current vehicles – the R1T pickup, R1S SUV and commercial delivery van.

On Friday, the company said the previously discussed shortage “is no longer a constraint on Rivia’s production.”

Rivia’s shares have fallen 43% in the past year the company burned through cash and missed production targets.

Rivian will announce its fourth quarter financial results on February 20.