- Rivian (RIVN) stock fell 4% to $12.74 in Wednesday’s premarket trading after reporting 8,640 vehicle deliveries for the first quarter ending March 31, down from 13,588 a year ago, due to soft demand.
- Despite the decline, Rivian beat analysts’ average estimate of 8,200 deliveries per Visible Alpha, though CFO Claire McDonough had warned of lower deliveries this year, citing factors like fires in Los Angeles.
- The drop from 13,588 to 8,640 vehicles highlights market challenges for the EV maker, with the 4% stock slide reflecting investor concerns even as Rivian’s performance topped the 8,200 forecast.
Rivian (RIVN) shares took a 4% hit in Wednesday’s premarket trading, sliding to $12.74, as the electric vehicle maker revealed a steep drop in first-quarter deliveries, spotlighting the challenges of a cooling market. The company handed over 8,640 vehicles in the period ending March 31, a significant tumble from the 13,588 delivered a year earlier, reflecting broader struggles with demand that have rattled the EV sector. Despite this, Rivian managed to outpace Wall Street’s expectations, with analysts tracked by Visible Alpha pegging the average estimate at 8,200 deliveries—a small silver lining amid the downturn. Chief Financial Officer Claire McDonough had previously flagged this softness during the last earnings call, pointing to external pressures like fires in Los Angeles as a contributing factor, though the broader market dynamics appear equally at play.
The 4% premarket dip, which shaved Rivian’s stock price to $12.74, underscores investor jitters about the company’s growth trajectory in an industry where competition is fierce and consumer enthusiasm for EVs has wavered. Rivian, known for its rugged electric trucks and SUVs, has been a darling of the clean-energy push, but the drop from 13,588 to 8,640 deliveries signals that even well-regarded players aren’t immune to economic headwinds or supply chain disruptions. Beating the 8,200 forecast offers some reassurance that Rivian’s operational execution remains sharp, yet McDonough’s earlier warning suggests the road ahead could stay bumpy. With its stock now below the $13 level, Rivian faces the task of reigniting demand – whether through pricing tweaks, new models, or weathering external setbacks like those in Los Angeles – to steady its course in a volatile market.
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