It’s been an interesting year for Rivian. 2024 started rocky with Rivian’s stock price dropping despite positive delivery and production numbers for 2023. It adjusted its forecast for 2024 in October, citing a supply shortage disrupting production. However, in November, Rivian and Volkswagen announced a new joint venture worth $5.8 billion to develop new EV architectures and software. 2024 is over now, and Rivian has released its annual production and delivery figures. Those numbers beat analysts’ projections, and the news has Rivian’s stock price on a rapid upward trajectory.
Rivian’s 2024 Production And Delivery Figures
Rivian said it produced 12,727 vehicles at its Normal, Illinois plant in the fourth quarter of 2024, and a total of 49,476 units for the year. Deliveries were even better, at 14,183 for the quarter and 51,579 units for all of 2024. Rivian also said that the supply shortage that dogged production of both the R1T and R1S passenger vehicles and its commercial vans last year has been resolved.
This news has investors excited, with Rivian’s stock prices up over 20% as of this writing on Friday morning. Rivian hasn’t yet disclosed its 2024 financial results, but says it will do so after market close on February 20.
What’s Next For Rivian?
Rivian has two new models in the works: the R2 and R3. Rivian has said it would begin deliveries of the R2 in the first half of 2026, but with its production setbacks and big deal with Volkswagen finalized, some believe we might get the R2 even earlier. According to MarketWatch, Baird analyst Ben Kallo told clients, “With the Volkswagen joint venture now closed, we expect key 2025 developments to include potential fleet announcements for the RCV and taking every action possible to pull forward the launch of R2 production in Normal.”
Rivian is also working on expanding its charging network, which it recently began opening up to other EV brands. Rivian opened its first “next-generation” charging site, the Joshua Tree Charging Outpost, in California last month. More than just a charging station, this site features 12 Rivian Adventure Network chargers providing up to 900 volts, along with amenities like a hop, 24-hour restrooms, free Wi-Fi, a play area with a climbing wall, hammocks, cabanas, and a miniature outdoor museum.
What About Tesla?
The news from Rivian, as well as the jump in its stock price, is a contrast to recent production and delivery figures from Tesla. Though predicting on a much larger scale, Tesla reported its first ever annual decline in deliveries, which sent its stock price downward, though it has begun to recover today. We also learned that the Tesla Cybertruck is now eligible for a federal EV tax credit, and the EPA site listed the Cybertruck Rear-Wheel Drive as a candidate, stoking expectations that Tesla will indeed launch the single-motor base model this year.
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