Rivian Automotive (NASDAQ: RIVN) stock had a strong 2023. Shares were higher for the year by nearly 30%. Much of that came from a push in the final month of the year, as Rivian shares soared 40% in December alone.

On the first day of 2024 trading, though, shares are plunging. The stock was lower by 9.2% as of 11:50 a.m. ET. That came after the company reported reported its fourth-quarter and full-year electric-vehicle (EV) production and delivery results.

The EV start-up gave investors some reason to be optimistic in November when it reported its third-quarter update. Rivian increased its vehicle output projection for 2023 for the second time at that time -- to 54,000 units.

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Source Fool.com