Rivian Pauses Deliveries In Canada, Plans To Resolve Non-Compliance With OTA Update
Portfolio Pulse from Anan Ashraf
Rivian Automotive Inc (NASDAQ:RIVN) has temporarily stopped deliveries of its R1 vehicles in Canada due to a non-compliance issue with the brightness of its daytime running lamps. The company is awaiting a software update to resolve the issue and expects to resume deliveries next week. Rivian delivered 50,122 EVs in the U.S. and Canada in 2023 and plans to announce its full-year financial results on February 21. Rivian shares closed 3.54% higher at $16.68 on Friday.
February 10, 2024 | 4:21 am
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Rivian has paused R1 vehicle deliveries in Canada due to a software update for daytime running lamps, expecting to resume deliveries next week. The company delivered over 50,000 EVs in 2023 and will announce its full-year financial results soon. Rivian's stock rose 3.54% to $16.68 recently.
The temporary halt in deliveries due to a compliance issue is a short-term operational hiccup that is likely to be resolved quickly with the software update. The positive delivery numbers and the upcoming financial results announcement could maintain investor interest. The recent stock price increase indicates a positive market reaction, but the delivery pause might temper short-term enthusiasm.
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IMPORTANCE 75
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