Rivian Automotive (NASDAQ:RIVN) reported first-quarter electric vehicle deliveries that surpassed analyst expectations. However, the company’s stock dropped by more than 5% on Tuesday due to its production numbers for the first quarter falling short of analyst consensus.
Rivian announced it delivered 13,588 EV units in the first quarter, surpassing the consensus expectation of 11,893 units. However, the company produced 13,980 vehicles at its Normal, Illinois facility during the quarter, which was below the anticipated 14,250 units.
Despite the production shortfall, Rivian’s first-quarter performance aligned with its internal forecasts, marking a promising beginning to the year. The company’s leadership also reiterated its target of producing 57,000 vehicles by the end of 2024.