Rivian Automotive Stock News: Rivian Automotive Cheaper on Friday Afternoon

Rivian Automotive (RIVN) shares traded lower on Friday afternoon, falling by 2.4% to $24.06 per share.

The decline comes after the electric vehicle maker reported lower-than-expected production and delivery numbers for the fourth quarter of 2022.

Rivian produced 10,020 vehicles in the fourth quarter, below its target of 11,000 vehicles. The company also delivered 8,054 vehicles in the quarter, below its target of 9,000 vehicles.

The lower-than-expected production and delivery numbers raised concerns about Rivian's ability to ramp up production and meet its ambitious growth targets. As a result, investors sold off the stock, driving the price down on Friday afternoon.

Despite the decline in the stock price, Rivian remains a long-term play on the electric vehicle market. The company has a strong track record of innovation and has developed a portfolio of compelling electric vehicles. Rivian is also well-funded, with over $13 billion in cash on hand.

While the company faces some challenges in the near term, Rivian is well-positioned to succeed in the long term. The company has a strong product portfolio, a solid financial foundation, and a team of talented engineers and executives.