Rivian Automotive, Inc. ( RIVN ) shares are trading lower on Tuesday.

The company produced 13,980 vehicles for the quarter ending March 31, 2024, at its manufacturing facility in Normal, Illinois, significantly higher than the 9,395 vehicles produced in the year-ago period. 

For the quarter under review, Rivian delivered 13,588 vehicles, outpacing the year-ago metric of 7,946 cars during the same period. 

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Rivian said in a press release that production and delivery results during the first quarter of 2024 were in line with its expectations. 

For 2024, Rivian Automotive ( RIVN ) reaffirmed its guidance for annual production of 57,000 total vehicles.

Last month, Rivian unveiled its new midsize platform, which underpins R2 and R3 product lines.

R2 is Rivian’s all-new midsize SUV delivering a combination of performance, capability and utility in a five-seat package optimized for big adventures and everyday use. Pricing for R2 is expected to start around $45,000, and R3 will be priced below R2, making Rivian vehicles more accessible to more people.

Rivian announced it will release its first quarter 2024 financial results after the market closes on May 7, 2024.

Price Action: RIVN shares are trading lower by 3.83% to $10.66 on the last check Tuesday.