Shares of Rivian Automotive (NASDAQ: RIVN) declined in morning trading on Monday even as the EV manufacturer announced better-than-expected vehicle production figures at the end of the first quarter. Rivian produced 9,395 vehicles at its manufacturing facility in Normal, Illinois versus analysts’ estimates of 8,752. The company delivered 7,946 vehicles at the end of Q1, better than the consensus estimate of 7,752.
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The company stated that it is on track to deliver 50,000 vehicles by the end of this year in line with its guidance. Rivian is expected to announce its first-quarter results on May 9.
Analysts are cautiously optimistic about RIVN stock with a Moderate Buy consensus rating based on 13 Buys, four Holds, and two Sells.
