EV maker Rivian (RIVN) reaffirmed its plans to build 57,000 vehicles this year during its 2024 Investor Day. More importantly, Rivian still expects to achieve a positive gross profit by the end of the year.
Rivian still on track for positive gross profit in Q4 2024
Rivian gave us a sneak peek into what we can expect as the EV maker transitions to its next growth stage during its first Investor Day on Thursday.
After launching not one but three products (R1T, R1S, and Commercial Van), Rivian lost over $139,000 on every vehicle built in the third quarter of 2022.
Since then, Rivian has made drastic progress in cutting costs. In the first three months of the year, Rivian lost $38,784 per EV built, an improvement of over $100,000. However, that number is still up from the $32.5K and $30.5K losses in Q2 and Q3, 2023.
Q3 ’22
Q4 ’22
Q1 ’23
Q2 ’23
Q3 ’23
Q4 ’23
Q1 ’24
Rivian loss per vehicle
$139,277
$124,162
$67,329
$32,594
$30,500
$43,372
$38,784
Rivian loss per vehicle by quarter
Rivian shut down its Normal, IL, manufacturing plant in April for a host of upgrades. According to CEO RJ Scaringe, the changes have resulted in “significant” cost reductions.
As a result, Rivian expects to achieve its first positive gross profit in the fourth quarter of 2024. On Thursday, Rivian reaffirmed that it’s on track to hit the milestone by the end of the year.
Rivian believes that, between significant material and labor cost reductions, it will be enough as it strives to earn a profit.
2024 production goal in sight
Rivian also confirmed it’s on track to build 57,000 vehicles this year. Despite production slipping in Q1 (13,980 vs 17,541 in Q4 2023), Rivian expected a slowdown with the planned plant shutdown.
The EV maker expects lower production in Q2 between 9,100 and 9,300 units. Second-quarter deliveries are forecasted to be between 13,000 and 13,300, slightly lower than the 13,588 handed over in Q1.
Rivian expects to ramp production in the second half of the year. Following the R2 launch in early 2026, it expects production capacity to reach 215,000 units.
Once Rivian’s Georgia plant opens, output is expected to surge with 200,000 production capacity on line 1 and another 200,000 on line 2.
Rivian’s new partnership with Volkswagen earned it new confidence as its stock surged over 20%. Several analysts praised the move, including Dan Ives from Wedbush. Ives said the deal can “change the game for Rivian” on its path to profitability.
Yolo County, California depends on its climate for continued agricultural success. As such, the county’s leaders are taking environmental stewardship seriously by aiming for full carbon neutrality by 2030. To help achieve that goal, they’re putting zero-emission machinery like the Volvo DD25 Electric compactor to work.
We got our first chance to sample the DD25 Electric at Volvo Days last summer, where the all-electric tandem roller’s vibrating drums impressed dealers and end users alike. It was no surprise, then, that when Yolo Country fleet superintendent, Ben Lee, when shopping for a compactor the DD25 Electric was high on his list.
“The DD25 Electric will help us achieve our goals in several ways,” explains Lee. “By reducing emissions, lowering noise levels, being more energy-efficient, improving working conditions and promoting environmentally friendly practices … we’ll use it to compact soil, gravel and other base materials for road and foundation projects, as well as rolling out and leveling asphalt during road construction and resurfacing.”
To help Lee handle those various projects, the Volvo’s drum frequency can be adjusted from 3500 vpm (55 Hz) to 4000 vpm (67 Hz) to cater to different applications and materials.
Getting power to the compactor, too, is something Yolo is considering. “There are some remote areas in the county, so we’re looking into a mobile, self-contained charging unit as well,” explains Lee, apparently referencing the Volvo PU130 mobile battery. “So we wouldn’t have to bring the machine back to the yard each night during a long-term project.”
Yolo County views electric equipment as an essential step in reducing emissions and energy consumption, especially as communities work towards stricter regulations and sustainability goals.
Electrek’s Take
This press release came to us ahead of the devastating wild fires in Southern California that are dominating headlines right now – so much so that I effectively sat on the news for a few days, debating whether or not we should even be talking about a California news story that isn’t about the fires right now.
But I realized: this story is about the fires. Climate change driven by combustion and carbon emissions is driving climate change and that’s making fires like these possible … and I should have run it sooner.
Kubota came to this year’s CES with a sprawling display filled with electric equipment, hydrogen gensets, and an onslaught of commercial robots ready to mow, farm, dig, and build. If you weren’t impressed by Kubota’s display this year, you weren’t paying attention.
Kubota gave us a sneak peek of its KATR farm robot – itself a smaller, updated version of last year’s New Agri Concept – before the doors officially opened last week. Kubota’s robotic farm buddies promise to be able to quietly and autonomously haul stuff from one end of the farm to another, or pull carts and specialized implements along predetermined paths.
KATR uses self-leveling technology and active suspension to ensure its cargo deck stays level when working on the sort of uneven terrain found on farms or construction sites.
That doesn’t mean the New Agri Concept is dead, though. Agri Concept 2.0 debuted as an electric tractor concept offering AI-powered automation and a fully electric powertrain. The new version features a Lite Brite-style “grille” that it uses to communicate its current mode, direction, and other important information with the people it shares a job site with.
On the more practical side, Kubota showed off its KX38-4e Electric compact excavator. First shown in overseas markets in 2022, the KX38-4e Electric features a 49.2 kWh lithium-ion battery that’s good for up to five hours of continuous operation. More than enough to complete a typical day of work on a construction site when you factor out idle time.
An onboard DC fast charger means it can be quickly recharged between shifts, too. But when there’s no grid power on the site, charging can be a challenge. That’s why Kubota has hydrogen genset for zero-emission on-site power generation.
Kubota electric excavator.Kubota Denyo hydrogen genset.
Looked at individually, each of the new electric Kubota products on display might be impressive. The real magic, though, is in the way the Kubota machines work together as a holistic job site or farm solution.
“At Kubota, we believe that truly listening to our customers drives innovation in every aspect of what we call the ‘Work Loop’,” explains Brett McMickell, Chief Technology Officer of Kubota North America. “The Work Loop — an essential cycle of assessing, analyzing, and acting — has always been fundamental to effective task management. With the integration of advanced sensors, AI-driven analysis, networking protocols, automation, and robotics, we are enhancing this cycle to be more seamless and efficient than ever before.”
That was obvious in some of the more thoughtful implements and attachments on display, including a Smart Plant Imager that uses advanced robotics and “hyper-spectral imaging” cameras to capture real-time data and insights on a plant-by-plant level – as well as a Smart Autonomous Sprayer and Robotic Pruner that that classifies buds and canes based on position and fruiting potential, it optimizes production precision and accuracy.
The more you look, the more impressive Kubota’s farming solution gets. “We will continue to learn from many of our customers across segments to iterate the next product and technology solution that will help them manage tomorrow’s challenges and grow their businesses,” McMickell added. “This is how Kubota works to make a better quality of life for individuals and society.”
The e-bike industry has stalled a little bit in terms of features, and with harsh new legislation coming in from places like California, maybe it is time to start looking at e-bikes that are light, efficient, and smooth rather than how much wattage they can output. The Tenways CGO 600Pro, which comes in at just 37 pounds, is a model e-bike you should keep an eye on…
The CGO 600Pro comes in 2 flavors: a carbon belt single-speed version that Micah reviewed and this one, which is a chain and 8-speed Shimano gears. The belt drive is going to win out on simplicity and weight but if you are expecting to get close to the ‘class 1’ top speed of 20mph or need to go up some significant hills, you’ll want to opt for the chain/gear version here.
One thing I love about this bike is the tradeoff decisions. These keep the price low and weight down while still providing a great ride. The spec sheet overall is solid but not top-shelf.
Tenways CGO600 Pro tech specs (chain/geared version)
Motor: 350 Watt rear hub motor with 45 Nm of torque
Top speed: 20 mph (32 km/h)
Range: Claimed up to 53 miles (85 km)
Battery: 36V 10Ah (360 Wh)
Weight: 37 lb (16.8 kg, over 40lbs with fenders, kickstand, etc)
Frame: 6061 aluminum alloy
Tires: CST Puncture-proof 700*45C-size Tires
Brakes: Tektro dual-piston hydraulic disc brakes
Gearing: Shimano 8-Speed Claris
Extras: Compact LED display, 4 pedal assist levels, slim fender set, kickstand, internally routed cables, LED lighting, removable battery, Tenways app integration, torque sensor, four color options
No Throttle?
Note that as a class 1 e-bike, neither belt/chain version has a throttle. While this may be controversial to some, it not only simplifies the bike, it makes it a Class 1, which will be legal in the most places. I tend to think of no throttle as a “foot throttle” and for the commuter application, this will serve well. Would I appreciate a throttle on a hill start? Perhaps.
The idea of this bike is to just enhance your pedal bike experience. You are going to get some exercise on this bike versus a bike that is a glorified low-power moped that runs on throttle with vestigial pedals.
More importantly, the torque sensor here is phenomenal; I mean, it is probably the best torque sensor I’ve ridden connected to a rear hub motor. The acceleration is smooth and strangely powerful for the 350W/45nm motor. Significant hills are a breeze, and this is one of the few bikes where I forget that I’m using an e-bike sometimes (until I look down and I’m going 20mph with little effort). Hills are also where the gearing really helps.
The tires are also the perfect size for a commuter with puncture resistance and treads that will do OK in rain and snow.
The bike itself is also very stealthy in terms of showing that it is a powered e-bike. The small 36V, 10Ah battery is integrated magnificently into the narrow downtube of the bike. All of the cables are integrated into the bike frame for a super-clean look. The rear hub motor is small but packs a punch. Many people won’t even recognize this as an e-bike. While I’m proud to be riding an e-bike around, perhaps some people would like to keep that on the down-low.
Brakes are great with hydraulic Tektros clasping against 160mm rotors in front and back. It is such a light bike that stopping can be jarring.
Assembly was super easy and took about 30 minutes with the included tool set. The battery came about 40% charged but was ready to go within a few hours with the 3A charger. Shoutout to Tenways for using a water-resistant standardized barrel charger adapter and not some proprietary adapter so that I can use one from another bike when I inevitably lose it.
Electrek’s take
The Tenways CGO600 is a fantastic light, clean, stiff and smooth e-bike that I have 0 reservations about recommending. While the battery and motor are small, they power the light bike admirably and for around 50 miles (your mileage will vary).
Currently there is a $200 off promotion code “HAPPY2025TW” at checkout bringing the CGO600Pro down to $1399 which is an amazing price for this bike:
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