Rivian Automotive experienced a decline in fourth-quarter deliveries, missing market estimates, as revealed on Tuesday. The company delivered 13,972 vehicles during the quarter ending on December 31, marking a 10% decrease from the previous three months and falling below the anticipated figure of 14,430, as per a poll of 13 analysts conducted by Visible Alpha.
The challenges faced by Rivian include heightened competition and the impact of elevated interest rates affecting the demand for its electric vehicles.
The Rivian R1T pickup truck, with a starting
price
of $73,000, confronts not only tough market conditions but also competition from Tesla's Cybertruck, unveiled in late November. The surge in interest rates has contributed to increased monthly payments for electric vehicles, diminishing their affordability in the market.
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