Shares of Rivian Automotive (NASDAQ: RIVN) kicked off 2024 on a sour note, down 16% in the first trading week of the year as of 10:40 a.m. ET Friday. The electric vehicle (EV) maker is ramping up production as expected, but it appears to be struggling elsewhere.

Rivian announced its production and delivery numbers for the fourth quarter and full year this week. During its fourth quarter, Rivian produced 17,541 EVs, up roughly 8% sequentially. For the full year, Rivian even exceeded its own November projection of 54,000 units and ended the year producing 57,232 vehicles.

However, the company delivered fewer than 14,000 vehicles in Q4, down 10% from the third quarter. And in 2023, it delivered just about 50,000 EVs. So is Rivian struggling to fulfill orders, or is it struggling to find enough takers for its R1T electric pickup truck and R1S SUV? That's the biggest question troubling investors in the EV stock right now.

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Source Fool.com