From Quiver Quantitative:

Rivian Automotive struggled at the close of 2023, failing to meet fourth-quarter delivery expectations and witnessing a nearly 10% drop in stock value. Challenges were attributed to fierce competition and higher interest rates. In contrast, rival Tesla offered price cuts to secure market dominance. Key investor Amazon’s seasonal focus on the holidays meant they refrained from taking deliveries in Q4, further impacting Rivian’s numbers. Despite setbacks, Rivian exceeded annual production targets, focusing on price stability and securing a significant partnership with AT&T for its EVs post its exclusivity agreement with Amazon. Rivian’s R1T pickup is poised to avoid direct competition from Tesla’s Cybertruck.



Read more: Rivian’s Fourth-Quarter Delivery Shortfall Sends Shares Tumbling