Rivian (RIVN) hit its goal of achieving a positive gross profit in the fourth quarter. The EV maker released its fourth-quarter earnings after the market closed on Thursday. Here’s a full breakdown of Rivian’s Q4 2024 financials.

Rivian achieves first gross profit in Q4 2024 earnings

Yesterday, in our Q4 earnings preview, we noted that the biggest thing investors will be looking for is if Rivian will achieve a positive gross profit as it has guided all year.

Rivian hit its goal, posting a gross profit of $170 million in the fourth quarter, a $776 million improvement from Q4 2023. Of which, $100 million was from auto sales, and the other $60 million was from software and services.

Lower costs, including per vehicle delivered, drove the achievement. In addition to plant upgrades, Rivian saw a noticeable cost improvement after launching its second-generation R1 models.

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Rivian posted total fourth-quarter revenue of $1.73 billion, easily topping Wall St expectations of $1.4 billion. Total automotive revenue was $1.52 billion, primarily from the 14,183 vehicles Rivian sold in the quarter. Rivian also generated $299 million from the sale of regulatory credits and $484 million from software and services.

• Rivian Q4 2024 Revenue: $1.73 billion vs $1.4 billion expected
• Rivian Q4 EPS loss: 0.46 loss per share vs 0.68 loss per share expected

CEO RJ Scaringe said, “This quarter, we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023.”

Rivian generated $110 million in automotive gross profit in the quarter compared to a loss of $611 million in Q4 2023. For the full year, Rivian generated a negative automotive gross profit of $7 million, an improvement from the $12 million loss in 2023.

The EV maker produced 49,476 vehicles at its Normal, IL plant last year and delivered 51,579. That includes the R1S SUV, R1T pickup, and electric delivery van (EDV) for Amazon. Earlier this month, Rivian also opened orders for its Commercial Van for customers outside Amazon.

Rivian posted a net loss of $743 million in the fourth quarter, down from an over $1.5 billion loss in Q4 2023. For the full year, Rivian posted a net loss of $4.75 billion, down from $5.43 billion in 2023.

The next growth stage

During the fourth quarter, Rivian also closed its EV joint venture with Volkswagen. The deal is worth up to $5.8 billion, of which Rivian says $3.5 billion is expected to be received over the next few years. Rivian will supply its EV architecture and software for Volkswagen’s next-gen models.

The first will be Rivian’s midsize R2, a smaller, more affordable electric SUV. It will start at around $45,000, or nearly half the current R1S ($77,700) and R1T ($71,700).

Rivian plans to begin R2 production in Normal early next year, but it expects to significantly scale up with its new manufacturing plant in Georgia.

Although it closed its loan agreement with the US DOE for up to $6.6 billion right before Trump took office last month, Georgia Gov Brian Kemp said this week he’s unsure where the funding stands.

Rivian is still confident the funds will be available when they draw on them next year. The plans include building the plant in two stages, each adding 200,000 units of capacity. Rivian’s upcoming R2 and even smaller R3 are “critical drivers in the company’s long-term growth and profitability.”

The company said on Thursday that the DOE loan and capital from the VW partnership, in addition to its current cash and equivalents, “is expected to provide the capital resources to fund operations through the ramp of R2 in Normal, as well as the midsize platform in Georgia—enabling a path to positive free cash flow and meaningful scale.”

Rivian remains focused on cutting costs, improving efficiency, and launching its mass-market R2 electric SUV. The first R2 development vehicles recently completed winter testing. Meanwhile, Rivian is currently expanding its Normal manufacturing plant to prepare for the R2 launch in the first half of 2026.

Scaringe said, “I couldn’t be more excited about R2, and I believe the combination of capabilities and cost efficiencies, along with the amazing level of excitement from customers, will make R2 a truly transformational product for Rivian.”

Despite this, Rivian expects lower deliveries of between 46,000 and 51,000 in 2025 due to external factors, including changes in government policies and regulations. After delivering more EDVs to Amazon in Q4, Rivian expects lower volume in 2025

The company expects an adjusted EBITDA loss between $1.7 billion and $1.9 billion, with Capital Expenditures of $1.6 billion to $1.7 billion.

With “meaningful” improvements, including operational efficiencies and reduced variable costs, in addition to higher selling prices with its Tri-Motor model hitting the market, Rivian expects to achieve a modest gross profit in 2025.

Rivian ended the quarter with $7.7 billion in cash and equivalents. Including other capital, the company ended the year with slightly over $9 billion in liquidity.

Check back for more updates from Rivian’s fourth-quarter earnings call. We’ll post updates below.

We have a well-balanced collection of Green Deals for you today, starting with Tenways’ flash sale offer on its new Shimano 8-speed CGO600 Pro e-bike using the ongoing Valentine’s sale pricing as a starting point to jump even further to a new $1,299 low. We also have the first savings hitting the new meross Wi-Fi Smart Water Hose Timer Kit at $66 while a bunch of electric Greenworks lawncare tools are seeing up to 42% discounts, with the brand’s 60V 16-inch Cordless Electric String Trimmer down at $160, for example. Lastly, there’s EcoFlow’s 4-day flash sale that is dropping the modular DELTA Pro Ultra Portable Power Station to $4,799 through the rest of the brand’s Valentine’s Day sale. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s three new low prices on Rad Power e-bikes, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways flash sale drops Shimano 8-speed CGO600 Pro e-bike to new $1,299 low

Running alongside its ongoing Valentine’s Day sale, Tenways is having a flash sale on its newest 8-speed CGO600 Pro e-bike that brings prices further than ever to $1,299 shipped, while its original belt-drive model is remaining at $1,499 shipped. Normally fetching $1,899, the Shimano 8-speed model launched just a few months ago and has seen a few sales take its pricing as low as $1,399 (the lowest price we’ve seen on the belt-drive too). Today’s deal beats all previous sales with a greater 32% markdown, giving you $600 in savings at a new all-time low. Keep in mind that this discount won’t be eligible to stack with the dual purchase one – but, you will be getting free mudguards and a kickstand worth $118 along with your purchase. As always, Medical providers, military, first responders, and teachers can also score a further $150 cut on orders.

Coming in four colorways and weighing in at just 37 pounds, the lightweight Tenways CGO600 Pro e-bike is a great model for urban commuters who might need to manage it up building stairs or live in smaller apartments. Seeing as it doesn’t offer any throttle, it’s an ideal ride for those who enjoy active cycling but also want the option for PAS support. The lessened weight is thanks to the smaller 350W rear hub motor paired beside a 360Wh battery, still providing an impressive 53-mile travel distance at up to 20 MPH on one charge, with four pedal assistance levels supporting you while a torque sensor supports them.

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For your drivetrain options, there’s either the Gates carbon belt drive for quieter operations or the new 8-speed Shimano drivetrain (which also gets the brand’s newest motor too). Aside from those big differences, you’ll enjoy the same features elsewhere on the bikes, with internally routed cables for a streamlined look, LED lighting, puncture-proof tires, Tektro dual-piston hydraulic brakes, and a compact OLED display for controls.

Cultivate greenery with intelligence by installing meross’ new Wi-Fi smart water hose timer at $66 (First discount)

We just spotted the first chance at savings on meross’ new Wi-Fi Smart Water Hose Timer Kit for $65.99 shipped direct from its site, while the timer alone is down at $45.99 shipped. This model is fresh to the market, normally carrying a $100 price tag and sliding into the same category of outdoor smart gear next to the popular Rachio timer and hub that is a regular feature here. Today is your first chance at cash savings on this all-new device, putting $25 back in your pocket while also putting a smarter solution for water management into your home’s outdoor ecosystem. You can also find it getting its first discount at Amazon too, albeit at a slightly higher rate of $74.99 shipped, after clipping the on-page 25% off coupon.

This new Wi-Fi smart timer from meross works along with the hub in order to deliver smart home controls to your outdoor water supply as it flows from your spigots. Working alongside HomeKit, with voice controls via Alexa, and Google Assistant – you’ll be able to monitor and control flow rates while also setting schedules, ensuring your lawn and/or gardens never go under or over-watered. To that same end, it also boasts a smart weather skip feature, which utilizes local weather forecasts and data to automatically pause/skip watering before, during, or after rain, freezing temperatures, or windy conditions. You’ll also be kept up-to-date through the app with alerts whenever there is an issue in its performance – plus, you can keep up to 24 timers connected to one hub, which promises the whole house to be covered.

Keep edges sharp and straight with Greenworks’ 60V 16-inch cordless string trimmer at $160

Amazon is offering the Greenworks 60V 16-inch Cordless Electric String Trimmer for $159.99 shipped. Normally going for $200, we’ve mainly seen it keeping above $170 over the past year, with August seeing the lowest drop further to $139. Even during Black Friday and Christmas sales we saw it keep at $170, with today’s deal coming in as the second-lowest price we have tracked, giving you $40 off the going rate while expanding your lawncare arsenal.

For folks who take their home’s outward appearance seriously, this string trimmer from Greenworks makes a reliable tool for keeping up with the edges around your yard, fences, walkways, flower beds, and more. It provides a 16-inch cutting swath, with spool reloads only taking seconds thanks to the dual line bump feed head, ensuring you don’t have to stop in the middle of the job when the lines break. With the included 2.5Ah battery (complete with charger), you’ll get a nice 65 minutes of runtime (per 60 minutes of charging) to cover all the areas that need trimming, with the battery also swappable for even longer jobs, should you have them lying around.

Other notable Greenworks tool deals:

EcoFlow 4-day flash sale drops expandable DELTA Pro Ultra 6.1kWh LiFePO4 power station to $4,799

Running parallel with the final days of its ongoing Valentine’s Day sale, EcoFlow has launched the next of its flash sales, this one lasting longer than the others through February 23 with the DELTA Pro Ultra Portable Power Station dropping to $4,799 shipped, after using the promo code DPUAF300OFF at checkout for an additional $300 off. Starting from its usual $6,098 price tag, we’re seeing an initial $799 off the going rate, which is combined with the sale’s bonus savings promotion taking an additional $100 off for every $2,000 spent. From there the code drops things further, and though we have seen it go lower – $4,649 during Black Friday from EcoFlow and an exclusive deal from Wellbots last year that dropped it lower than we’ve seen again – you’re still getting a solid $1,299 in savings here at the third-lowest price we have tracked. It also beats out Amazon where it sits at a $100 higher rate.

Coming in as EcoFlow’s biggest and baddest home backup solution, the DELTA Pro Ultra starts with a 6.1kWh LiFePO4 capacity, dishing out up to 7,200W of power output, which is already quite impressive. If you invest in further equipment, those numbers can be expanded upwards to a 90kWh capacity and 21.6kWh output (three inverters with five batteries each). The base station setup that comes with this deal is rated to keep essentials running for up to two days while the full expansion setup bumps that number up to 15 days – all without factoring in any solar panels you may have to recharge it all. Aside from just supporting you through blackouts with the auto-switchover, it will analyze your regular power usage to offset peak rates while utilizing solar charging to help lower your energy costs (requires Smart Home Panel 2, sold separately – bundle option found here).

It should come as no surprise that there are plenty of recharging options here, with its solar input also expanding with your setup up to 16.8kW. On this note, if you were to build up in the fully-stocked system (90kWh setup), a single hour of solar charging could give you enough power to run your home for the entire day. Now back at its starting size, a wall outlet will take just two hours to re-juice the 6.1kWh capacity, with other options like EV piles and the brand’s dual fuel smart generators.

Be sure to check out the full lineup of EcoFlow Valentine’s Day sale deals while the savings continue through February 23.

Best New Year EV deals!

• Rad Power RadWagon 5 Cargo e-bike with 50% off four accessories (new): $2,399
• Lectric ONE Long-Range e-bike with $467 bundle: $2,399 (Reg. $2,507)
• Rad Power Radster Road Commuter e-bike with 50% off four accessories (new): $2,199
• Rad Power Radster Trail Off-Road e-bike with 50% off four accessories (new): $2,199
• Lectric XPedition 2.0 35Ah Cargo e-bike w/ $654 bundle (new): $1,999 (Reg. $2,741)
• Rad Power RadExpand 5 Plus Folding e-bike with 50% off four accessories (new): $1,899
• Lectric XPedition 2.0 26Ah Cargo e-bike w/ $505 bundle: $1,699 (Reg. $2,292)
• Lectric XPeak 2.0 Long-Range Off-Road e-bike w/ $562 bundle: $1,699 (Reg. $2,261)
• Rad Power RadRunner 3 Plus Utility e-bike (new low price): $1,699 (Reg. $2,199)
• Blix Packa Genie Cargo e-bike with $148 in free gear: $1,599 (Reg. $2,099)
• Aventon Pace 500.3 Step-Over e-bike with free extra battery: $1,599 (Reg. $1,799)
• Aventon Pace 500.3 Step-Through e-bike with free extra battery: $1,599 (Reg. $1,799)
• Heybike ALPHA All-Terrain e-bike (new model preorder): $1,599 (Reg. $1,699)
• Tenways CGO600 Pro belt-drive e-bike with $118 bundle: $1,499 (Reg. $1,899)
• Rad Power RadWagon 4 Cargo e-bike: $1,499 (Reg. $1,799)
• Lectric XPeak 2.0 Standard Off-Road e-bike with $316 bundle: $1,399 (Reg. $1,715)
• Lectric XPeak 1.0 Step-Thru e-bike with $727 bundle (extra battery): $1,399 (Reg. $2,126)
• Lectric XPedition 2.0 13Ah Cargo e-bike with $326 bundle: $1,399 (Reg. $1,813)
• RadRover 6 Plus Fat Tire e-bike: $1,399 (Reg. $1,599)
• Tenways CGO600 Pro chain-drive e-bike with $118 bundle (new low price): $1,299 (Reg. $1,899)
• Rad Power RadRunner Plus Utility e-bike (new low price): $1,299 (Reg. $1,799)
• Rad Power RadExpand 5 Folding e-bike: $1,299 (Reg. $1,599)
• Velotric T1 ST Plus e-bike: $1,299 (Reg. $1,549)
• Velotric 2024 Discover 1 Plus Commuter e-bike: $1,199 (Reg. $1,599)
• Lectric XP 3.0 Long-Range e-bikes with $563 bundle: $1,199 (Reg. $1,386)
• Heybike Hauler Cargo e-bike with large rear basket: $1,199 (Reg. $1,499)
• Heybike Ranger S Folding e-bike with $208 in free gear: $1,099 (Reg. $1,499)
• Rad Power RadRunner 2 Utility e-bike (new low price): $999 (Reg. $1,499)
• Aventon Soltera.2 Urban Commuter e-bike: $999 (Reg. $1,199)
• Lectric XP 3.0 Standard e-bikes with $277 bundle: $999 (Reg. $1,276)

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

• Rad Power now delivering up to $500 off e-bikes with several new all-time lows starting from $999
• Lectric’s Presidents’ Day sale offers largest bundle yet on new XPeak 2.0 long-range e-bikes ($562 in free gear) at $1,699
• Heybike drops its Hauler Cargo e-bike with 440-pound payload and 55 to 85-mile range to new $1,199 low (Reg. $1,499)
• Aiper’s upgraded Surfer S2 solar pool skimmer drops to new $320 low at Amazon (Reg. $540)
• NIU takes 40% off KQi e-scooter series with the 25-mile KQi2 Pro down at $450 (Reg. $649)
• Amazon cuts up to 22% off EGO Power+ 56V cordless single and double stage snow blowers starting from $549
• Score Anker’s SOLIX C1000 1,056Wh LiFePO4 power station for your spring trips at $479 (Reg. $999), more
• Aventon’s urban-friendly Soltera.2 commuter e-bike gives you reliable commuting support at just $999 (Reg. $1,199)
• Travel 12 miles on the budget-friendly GoTrax APEX XL e-scooter down at $244 (Reg. $350)
• Electrified Weekly – Rad’s RadRunner Plus e-bike at new $1,499 low, Valentine’s sale lows from EcoFlow, Bluetti, Jackery, more