Shares of Rivian Automotive (RIVN) soared Friday after the maker of electric trucks and SUVs reported full-year production that exceeded its previously lowered estimates and said that a problem t𒀰hat affected output had been resolved.

Rivian shares were up 23% late Friday morning,🌱 trading at their highest levels in five month✱s.

The Illinois-based manufacturer reported it built 49,476 vehicles in 2024. In October, it had lowered its estimate to a range of 47,000 to 49,000 from the earlier outlook of 57,000. The change came after the company said that it experienced a disruption “due to the shortage of a shared component” on the platforms that put together its R1T truck, R1S SUV, and RCV commercial van.

In its latest statement, Rivian said that the component i🍎ssue “is no longer a constraint on Rivian’s production.”

Of the 49,476 vehicles produced, 12,727 were made in the fourth quarter. Rivian noted that it delivered 14,183 vehicles in the 🧸period, and 51,579 for the full year. It had anticipated a 2024 delivery total of 50,500 to ꧅52,000.

Despite today’s gains, Rivian Automotive shares have lost about 20% of their value over the past year.