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Rivian (RIVN) delivered more vehicles than expected in the fourth quarter, beating Wall St expectations. After overcoming its recent supply shortage, the EV maker is seeing momentum pick up. Here’s a look at how many EVs Rivian delivered in Q4 and 2024.

How many EVs did Rivian deliver in Q4 2024?

Rivian delivered 14,183 vehicles in the final three months of 2024, easily topping estimates of around 13,500. This high delivery total allowed Rivian to meet its full-year guidance.

With 51,579 EVs delivered in 2024, Rivian’s total was within its 50,500 to 52,000 target. It was also slightly higher than the 50,122 vehicles delivered in 2023. Rivian’s Q4 deliveries surged over 40% from the previous quarter. It was also the company’s highest in 2024.

Rivian produced 12,727 vehicles in the fourth quarter, soundly beating estimates. In total, Rivian built 49,476 EVs in 2024, slightly above its 47,000 to 49,000 guidance.

However, the company lowered its full-year production goal in October from its previous 57,000 target after a supply shortage began in Q3.

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full-Year 2024 2024 guidance
Deliveries 13,588 13,790 10,018 14,183 51,579 50,500 – 52,000
Production 13,980 9,612 13,157 12,727 49,476 47,000 – 49,000
Rivian deliveries and production by quarter in 2024

In a statement, Rivian said, “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint” on production.

After shutting down operations in Normal in April to introduce new upgrades, Rivian has been aggressively cutting costs. CEO RJ Scaringe said in November that the company is seeing “meaningful progress” on lowering material costs with new supplier contracts and technology.

Rivian-EVs-delivered-Q4-2024
Production at Rivian’s Normal, IL plant (Source: Rivian)

Rivian’s net loss fell to $1.1 billion in the third quarter, down from $1.34 billion in Q3 2023. The company lost around $39,000 on each vehicle delivered in Q3, up from the $30,648 loss the previous year. However, this is still a massive improvement from the over $139,000 loss per vehicle in Q3 20222.

Rivian-EVs-Q4-deliveries
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

The company ended the third quarter with $6.7 billion in cash and equivalents, including a $1 billion convertible note from Volkswagen.

Rivian and Volkswagen launched a new joint venture worth up to $5.8 billion, which Scaringe said is a “meaningful financial opportunity.”

Rivian-Q4-2024-EVs
Rivian (RIVN) stock chart Q4 2023 to Q4 2024 (Source: TradingView)

The EV maker confirmed it’s still on track to post its first positive growth profit in the fourth quarter. Overcoming the recent production hurdle is a big step in hitting its goal.

Rivian will release its Q4 2024 financial results after the market closes on February 20. Stay tuned for more. After releasing its fourth-quarter numbers, Rivian’s stock was up over 10% in pre-market trading on Friday. Meanwhile, share prices are still down around 30% over the past year.

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It’s an electric BMX bike! It’s a skateboard! It’s a DRYFT Board… something completely new [Video]

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It's an electric BMX bike! It's a skateboard! It's a DRYFT Board... something completely new [Video]

A new company called DRYFT1 is sliding its way into electric mobility on the wheels of a new hybrid product that mixes a BMX bike with a skateboard. The DRYFT Board is a hybrid board cross (HBX) that has combined the best elements of BMX and skateboarding into a one-of-a-kind all-electric product that gives riders the freedom to freestyle on roads in ways we haven’t seen before. You’ve gotta see this thing in action in the video below.

DRYFT1 is a new company with roots in Venice, California, a renowned area it credits for inspiring its dedication to motion and creativity. The company is just coming out of stealth mode and is fully funded, reiterating to Electrek that this is “not a Kickstarter.”

DRYFT1 describes its company ethos in one word: “freedom.” Recreational riders in Southern California have already taken to land and sea with surfboards, bikes, and skateboards, many of which have gone electric.

However, DRYFT1 has created a new one-of-a-kind product that allows riders to paint their local pavement in a new way. Today, the company introduced its flagship product, the DRYFT Board, an electric bike and skateboard hybrid that looks like it brings a new level of fun and expression to an already creative mobility segment.

The design of the DRYFT Board may raise some eyebrows at first glance, but once you see what an experienced rider can do on it, you’re probably going to want to take on for a spin yourself.

DRYFT1 launches a unique electric bike/skateboard combo

Per DRYFT1, its new “board” is all about the slide. The BMX bike/skateboard hybrid has been equipped with an electric motor that replicates the indescribable glide of a drift and has opened up access to that feeling to anyone, anywhere. DRYFT1 described the goal of its product:

Taking the coveted feeling that was once limited to those in these worlds of action sports, pushing their limits of speed and friction, and bringing that sought-after movement to the slide to anyone.

With the heart of an e-bike and the soul of a flat-track motorcycle, the DRYFT Board arrives in a category all its own (just don’t call it an e-scooter). Its skateboard deck is comprised of bamboo, fiberglass, and carbon fiber to deliver durability and resilience through slides and other sleek maneuvers on the road.

It is powered by a 500W front hub motor that can propel the board up to 20 mph, and the bike/skateboard hybrid’s battery can deliver 17 to 20 miles of all-electric range. Those are important stats for commuting, especially in a straight line, but that’s not what the DRYFT Board was designed for.

The electric skateboard/bike hybrid features a custom-engineered independent suspension truck system made from aluminum alloy, complete with 51mm springs to enable controlled sliding, carving, and drifting. Those maneuvers stem from the board’s center caster wheel, which is supported by proprietary polyurethane edge wheels for grip and drift performance.

Riders can choose between two ride modes: “Slide Mode” for smooth sliding on the pavement, and “Carve Mode,” which locks the center wheel for smooth cruising. While sliding, carving, or just cruising, riders can control the speed and acceleration of the electric skateboard/bike combo with a right thumb throttle on the handlebars.

Other features include a front hydraulic disc brake and high-quality grip tape on the rear deck. DRYFT1 also designed the board to disassemble into two components for easier transport and storage. The DRYFT Board electric bike and skateboard hybrid debuts in two colors – “Dryft Blue” and “Asphalt Black.”

The Dryft Board is available for purchase at Dryftboard.com beginning today and is priced at $3,500.

As previously mentioned, it’s impossible to truly grasp the capabilities of this unique new form of electric mobility without seeing it in action, so we recommend checking out DRYFT1’s launch video below.

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Here are the 5 things we’re watching in the stock market in the week ahead

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Here are the 5 things we're watching in the stock market in the week ahead

“Now Hiring” signage outside a Home Depot store in San Carlos, California, US, on Monday, Nov. 11, 2024. 

David Paul Morris | Bloomberg | Getty Images

The bulls returned to Wall Street on Friday after a brief hiatus.

In the week ahead, investors from all camps will focus on a series of labor market reports for clues on where the U.S. economy and stock market may go from here.

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‘Not safe or legal’ – Cops continue crackdown on Sur Ron style electric bikes

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'Not safe or legal' - Cops continue crackdown on Sur Ron style electric bikes

As powerful electric motorbikes such as those from brands like Sur Ron and Talaria become more popular, especially with teens, police departments in the US are increasingly cracking down on their use on public roads.

One of the latest examples comes to us from the Manhattan Beach Police Department in Los Angeles County.

The MBPD has seen an uptick in juveniles riding Sur Ron-style electric motorbikes, which fall far outside the regulatory limits of electric bicycles. These higher-performance vehicles can reach speeds twice as fast as legal electric bicycles and often feature 5x the power level. Critically, they also lack pedals and thus function more like light electric dirt bikes.

According to a recent post shared by the MBPD, the police department has continued to come across these vehicles being ridden by juveniles around the city. “Parents, please make sure those Christmas presents are being used legally and responsibly,” the MHBP stated, “so we don’t have to play the role of the Grinch.”

Further clarifying, the police department explained that such motorbikes aren’t legal for use on public roads or bike paths. “Talaria, Surron, ERidePro, and other similar-type electric motorcycles are not safe or legal for operation on city streets, sidewalks, or The Strand. A few juveniles have learned the hard way and found their ‘bikes’ on the back of a tow truck.”

The MHBP also shared an image below of multiple electric motorbikes being towed away. Ironically, one of the police vehicles at the scene is a police-issue electric-assist patrol bicycle.

More teens turning to high-power electric motorbikes

These powerful e-motorbikes are often marketed as electric bicycles, despite falling well outside the line of electric bicycle regulations. But because they’re readily available online, easy to ride, and are often improperly marketed as not requiring a license or registration for street use, they’ve proven popular with teens and young riders.

California recently passed new legislation more clearly delineating electric bicycle classifications, further underscoring the illegal nature of riding these types of vehicles on the road without proper motor vehicle registration.

However, many riders, particularly teens, are unaware that these bikes do not meet the legal requirements for bike paths or unlicensed street use, leading to traffic stops, fines, and sometimes even confiscations.

Law enforcement officials, as well as community watchdogs, often cite concerns about pedestrian safety, traffic violations, and the risk of accidents.

We’ve seen these crackdowns increase over the years as more police departments are forced to tackle the growing phenomenon of powerful electric motorbikes being ridden on public streets and bike paths as if they were normal electric bicycles.

The crackdown underscores the need for better education regarding these high-powered electric motorbikes, as they continue to rise in popularity among younger users.

via: MBNews

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