Rivian records first-quarter profit in 2024, projects lower vehicle deliveries for 2025
Rivian Reports Strong Q4 2024 Results and Loan Agreement
Electric vehicle manufacturer Rivian has announced its financial results for the fourth quarter of 2024, revealing a surge in revenue and a first-ever quarterly gross profit.
The company's Q4 2024 revenue reached $1.73 billion, surpassing Wall Street expectations. This figure represents an increase from $4.43 billion in 2023. Rivian also reported a gross profit of $170 million for the quarter, marking a significant milestone.
In terms of vehicle deliveries, Rivian delivered 14,183 vehicles in Q4 2024. The company's cost of goods sold per vehicle was reduced by $31,000 compared to Q4 2023, indicating improved efficiency in production.
Rivian narrowed its adjusted EBITDA loss to $277 million in Q4 2024, a step towards profitability. However, the company reported a net loss of $743 million, or $0.70 per share, for the quarter.
Looking ahead, Rivian expects to deliver between 46,000 and 51,000 vehicles in 2025. The U.S. Department of Energy (DOE) has provided Rivian with a loan of up to $6.6 billion in 2025 to support the construction of its upcoming manufacturing facility in Georgia. This loan was authorized under President Joe Biden's administration.
However, Rivian's 2025 vehicle delivery projections include possible retraction due to changes in federal EV incentives and tariff policies. The company has not made specific mention of this in its shareholder letter, beyond a general statement made by RJ Scaringe.
The loan agreement with the DOE may have faced potential uncertainty during the Trump administration's freeze on federal funding.
Rivian's CEO, RJ Scaringe, remains optimistic about the company's long-term trajectory, although no mention of this was made in the shareholder letter.
Notably, the shareholder letter did not contain advertisements or mention the R2 model's expected launch in 2026, the company's referral link for purchasing a Tesla, or RJ Scaringe's optimism regarding the company's long-term trajectory.
