Friday was a good day for Ford Motor Co. and Rivian Automotive Inc. stocks because sales of electric vehicles (EVs) went up at both companies. Investors were especially happy for Rivian because it was no longer having problems with a lack of parts.
EV sales also went up at General Motors Co. GM +0.78%, by 50% for 2024 and by 125% for the fourth quarter. GM sold 2.7 million cars, which is the most it has sold in a year since 2019 and an increase of 4%.
The company Ford F +2.38% said that sales of electric, hybrid, and plug-in hybrid cars set a new high in 2024, going up 38% to 285,291 cars and beating out GM and Stellantis STLA -1.96% EVs for the whole year. The company said that Ford’s total sales in the fourth quarter, which included retail sales, rose 9%, while sales in 2024 jumped 4%.
Rivian RIVN +24.45% said it delivered 14,183 cars in the quarter, which was more than the 13,000 cars that FactSet thought it would deliver. Rivian shipped 51,579 units over the course of the year, which was also more than the 51,000 units that FactSet predicted. Rivian stock hit its highest level in about six months on Friday, when it went up more than 20%.
As previously mentioned, Rivian no longer has a problem with not having enough of a shared component on the R1 and RCV systems. This was stated by the company in a regulatory filing.
Trump’s transition team is thinking about stopping tax breaks for electric vehicles. Some things have come up, but most people on Wall Street think that the benefits are about to end.
It’s still not clear if and when they’ll be cut, and if they are, by how much. Some experts thought that people would rush to get the credits, which would lead to more EV sales later in the year.
At the same time, Baird analyst Ben Kallo was happy about the Rivian news about the component problem.
“Since the Volkswagen joint venture is over, we expect important things to happen in 2025, such as possible fleet announcements for the Rivian Commercial Vehicle and doing everything we can to speed up the start of R2 production at our Normal, Ill., plant,” the company said. Kallo wrote.
The next-generation Rivian EV, the R2, will be made in Normal. Production is set to begin in the first half of 2026, but Kallo, who has a neutral opinion on the stock, said that faster-than-expected upgrades could cause the launch to happen earlier.
Rivian is going to have earnings for the fourth quarter on Feb. 20, after the market closes. In late January, Ford is likely to give investors new information about its fourth quarter.
The numbers for Ford and Rivian come a day after Tesla Inc. TSLA +8.22%, the market leader, said that deliveries in the fourth quarter were lower than expected and that the company’s annual sales fell for the first time ever.
Rivian opened a network of EV chargers at the beginning of December. Owners of other types of cars can use these chargers, which have high-end lounge areas. The first spot is in Joshua Tree, California. The company wants to put up to 3,500 chargers in 600 spots near travel hubs and, in line with Rivian’s image as a tough brand, in places where off-roaders like to go. Rivian will be adding more places so that all drivers can use them.
