11:21 AM EST, 01/03/2025 (MT Newswires) -- Rivian Automotive ( RIVN ) shares soared intraday Friday after the electric auto manufacturer's fourth-quarter deliveries rose year over year and exceeded Wall Street's estimates.

The company delivered 14,183 units in the three months through December, up from 13,972 a year earlier and higher than the FactSet-polled consensus for 13,000 units. In the third quarter, the electric vehicle maker distributed 10,018 vehicles.

Rivian's shares climbed 24% in Friday trade.

Rivian produced 12,727 units at its manufacturing facility in Illinois, down from 17,541 in the prior-year quarter. Production came in at 13,157 units in the third quarter.

The company manufactured 49,476 vehicles in 2024, just ahead of its guidance range of 47,000 to 49,000 units, but falling short of last year's 57,232 tally. The electric vehicle maker delivered 51,579 vehicles to customers in 2024, up from 50,122 the year before. It previously pegged 2024 deliveries between 50,500 and 52,000.

In October, Rivian lowered its full-year production guidance amid a shortage of a component on its R1 and RCV platforms. The company said Friday that the shortage is "no longer a constraint" in production.

"With the supplier/component concern in the rearview mirror, the focus will now be on (Rivian's) ability to execute on its path toward profitability as we see only modest (year-over-year) growth in (2025) ahead of the company's planned 2026 R2 launch at Normal, (Illinois)," Truist said in a client note.

Rivian is set to report its fourth-quarter results on Feb. 20.

Rivian's latest figures come after rival Tesla (TSLA) on Thursday reported a year-over-year drop in vehicle deliveries for 2024, with fourth-quarter figures missing the Street's forecasts. Tesla shares were up 2.5% during Friday trading after closing the previous session down 6.1%.

Price: 16.34, Change: +3.09, Percent Change: +23.32