Rivian Automotive, Inc (NASDAQ:RIVN) stock traded lower Monday. On Friday, the electric vehicle startup reported 14,183 vehicle deliveries for the December quarter.

It marked its second-highest quarterly deliveries since its first EV in the fourth quarter of 2021. For the full year 2024, Rivian delivered 51,579 EVs.

Analysts rerated the EV company on Friday following the numbers.

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Cantor Fitzgerald analyst Andres Sheppard reiterated Rivian Automotive with an Overweight and a $13 price target.

Truist Securities analyst Jordan Levy maintained a Hold on Rivian Automotive with a price target of $12.

Cantor Fitzgerald: Rivian's fourth-quarter delivery numbers came above Sheppard's estimates of 13,844 and Visible Alpha consensus of 13,844 and above 13,972 in the fourth quarter of 2023.

The company's production of 12,727 vehicles for the quarter beat Sheppard's estimates of 11,251 and below 17,541 in the fourth quarter of 2023.

The 2024 delivery numbers came within company guidance of 50,500-52,000 vehicles, in line with Sheppard's estimate and Visible Alpha Consensus of 51,240 and 51,026, and slightly above 50,122 vehicles in fiscal 2023).

In fiscal 2024, Rivian produced 49,476 vehicles, above the annual production guidance of 47,000-49,000 vehicles and above Sheppard's estimate of 48,000 vehicles (but below 57,232 vehicles in fiscal 2023).

On November 12, Rivian disclosed that the total deal size of its JV with Volkswagen increased to $5.8 billion (from $5 billion previously). More specifically, Volkswagen will cover 75% of the JV's new technology platform costs through 2028, with Rivian responsible for the remaining 25%.

For its R2 Line, Rivian previously disclosed that it targets a starting price of $45,000 and a Start of Production in the first half of 2026.

Truist Securities: Rivian's quarterly production and delivery numbers came in 11% and 6% ahead of Street estimates, respectively, as the company delivered on its fiscal 2024 guidance following a supplier issue starting in the third quarter that meaningfully affected the company's Enduro motor production.

With the supplier and component concern in the rearview mirror, the focus will now be on Rivian's ability to execute on its path toward profitability, as Levy noted only modest growth in fiscal 2025 ahead of the company's planned 2026 R2 launch at Normal.

Given the incoming administration's commentary around eliminating the Passenger EV tax credit, the analyst sought Rivian's fourth-quarter release and 2025 guidance to understand whether fourth-quarter numbers benefited from demand pull forward.

Levy expects the stock to react positively to the print, although he sought the company's earnings release in February and awaits fiscal 2025 guidance and management commentary.

Price Action: RIVN stock is down 2.13% at $16.15 at the last check on Monday.

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