Shares of Rivian Automotive are experiencing a slight dip in value following the release of impressive production figures. While many investors expected the stock to soar after the announcement, it seems to be a classic case of "selling the news."

On Tuesday, Rivian revealed that they had produced a total of 17,541 units in the fourth quarter, bringing their full-year production to 57,232 units. These numbers exceeded the company's earlier guidance of 54,000 units, provided in November.

However, despite these positive results, Rivian's stock is down by approximately 6% in premarket trading. In comparison, S&P 500 and Nasdaq Composite futures are down by 0.8% and 1.1% respectively.

The primary concern seems to be related to deliveries. While production numbers hit record highs, with a year-over-year increase of 135%, Rivian delivered only 13,972 units, a decrease from the 15,564 units delivered in the previous quarter. Although it is quite common for EV manufacturers to experience a gap between production and deliveries as they continue to grow, this marks the largest gap in Rivian's limited history. Nonetheless, this should not be seen as a major issue for the company's shares as all the vehicles they produce are promptly sold. There are no surpluses of unsold cars accumulating.

In terms of overall growth, deliveries rose to an impressive 50,122 units, reflecting a nearly 150% increase year over year.

The decline in Rivian's stock may also be attributed to its recent significant gains leading up to the report. In the month prior to Tuesday's trading session, Rivian's stock had surged by 32%.

This rise was partly due to high expectations for robust production results and partially due to increasing speculation about interest rate cuts in 2024. Lower interest rates not only make electric vehicles more affordable but also facilitate the financing of startup ventures like Rivian.

Although there was some early selling of the stock on Tuesday, the results themselves are far from disappointing.

Rivian is scheduled to report its fourth-quarter results on February 21.

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