Rivian Automotive, Inc. (RIVN) saw its stock soar 5.06% in pre-market trading on Friday, following the electric vehicle maker's report of better-than-expected deliveries in the fourth quarter of 2024 and news that a previous component shortage is no longer constraining its production.

The company delivered 14,183 vehicles in Q4, exceeding analysts' estimates of 13,472 units. This marked a 42% increase from the previous quarter and Rivian's highest deliveries in over a year. Despite Amazon, its biggest backer, taking fewer deliveries in Q4 due to the holiday season, Rivian's total production for 2024 came in at 49,476 vehicles, above its lowered guidance of 47,000 to 49,000 units.

Rivian also announced that the component shortage that had forced it to cut its annual production target in October is now resolved, removing a major constraint on its manufacturing. The company's recent joint venture with Volkswagen to collaborate on future EV development is another positive factor that could accelerate its path to profitability and support further stock growth.