2024 wasn't off to a great start for Rivian Automotive (NASDAQ: RIVN) shareholders. After diving as much as 11% early Tuesday morning, Rivian shares were still down by 9.7% as of 1:30 p.m. ET.

The twist is that the sell-off came after the company released some positive production and delivery data. But the stock had soared by more than 40% in December, giving some investors reason to want to sell the stock and lock in profits on the first trading day of 2024.

The big news was Rivian's fourth-quarter and full-year vehicle delivery results. The company meaningfully surpassed its most recent prediction for 2023 deliveries. Just two months ago, it boosted its 2023 guidance for production of about 54,000 electric vehicles (EVs). It ended up making more than 57,000 EVs and delivering just over 50,000.

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Source Fool.com