Shares of Rivian Automotive recorded their best day ever after the electric vehicle maker reported 2024 production and deliveries in line with its previously announced expectations.

Rivian stock closed Friday at $16.49 per share, up 24.5% on the session. According to FactSet, this is the stock’s largest daily percentage increase since the electric vehicle maker’s initial public offering in November 2021. The previous record was 23.2% in June.

Rivian said Friday that it produced 49,476 vehicles in 2024, including 12,727 trucks and vans in the fourth quarter, and delivered 51,579 vehicles, including 14,183 models, in the final three months of the year.

According to Reuters, the automaker’s fourth-quarter deliveries topped estimates of 13,472, according to 15 analysts surveyed by Visible Alpha.

Rivian in October lowered its 2024 production target to 47,000 to 49,000 vehicles from 57,000 units. The company had expected deliveries of between 50,500 and 52,000 vehicles.

The company said in October that the adjusted target was due to a “production disruption due to the lack of a common component” for its current vehicles – the R1T pickup, R1S SUV and a commercial van.

The company said Friday that the previously discussed shortage “no longer represents a constraint on Rivian’s production.”

Rivian shares fell 43% last year as the company wasted cash and missed production targets.

Rivian is scheduled to report its fourth-quarter financial results on February 20.