Rivian (RIVN) will report fourth-quarter earnings Thursday after the market closes. Although the EV maker aggressively cut costs last year, a supply shortage derailed some momentum. Rivian still stands by its goal of achieving its first positive gross profit in Q4. Here’s what to expect from the report.
Rivian expects a positive gross profit in Q4 2024 earnings
Rivian beat expectations with 14,183 vehicles delivered in the final three months of 2024, bringing the annual total to 51,579.
Although it was enough for Rivian to meet its full-year guidance of 50,500 and 52,000, it was only slightly more than the 50,122 the company delivered in 2023.
After a supply shortage began in the third quarter, Rivian cut its full-year production target to 47,000 to 49,000 vehicles in 2024, down from 57,000. Rivian topped its (revised) target with 49,476 units produced at its Normal, IL plant last year.
Rivian’s deliveries and production include the R1S, R1T, and electric delivery and commercial vans. Despite the slower-than-expected growth last year, the company still expects profits to improve.
Last month, the EV maker confirmed that “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint” on production.
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
Rivian also said it’s still on track to post its first positive gross profit in Q4. CFO Claire McDonough told analysts on the company’s third-quarter earnings call that Rivian expects “a modest gross profit” in the final three months of 2024.
However, McDonough clarified that regulatory credit sales, lower costs thanks to plant upgrades and improved supply contracts, and other revenue outside vehicle sales would mainly drive the achievement.
Q3 ’22
Q4 ’22
Q1 ’23
Q2 ’23
Q3 ’23
Q4 ’23
Q1 ’24
Q2 ’24
Q3 ’24
Rivian loss per vehicle
$139,277
$124,162
$67,329
$32,594
$30,500
$43,372
$38,784
$32,705
$39,130
Rivian loss per vehicle by quarter
Rivian’s net loss fell to $1.1 billion in the third quarter, with a gross profit loss of $392 million. Although the company lost around $39,000 on each vehicle delivered in the third quarter, this is a drastic improvement from 2022, when Rivian lost over $139,000 per unit.
Including a $1 billion convertible note from Volkswagen, Rivian ended the third quarter with $6.7 billion in cash and equivalents.
According to Estimize, Wall St expects Rivian to post Q4 revenue of $1.4 billion, up from $1.3 billion in Q4 2023, and a loss of 0.68 per share (EPS) compared to a loss of $1.36 per share.
Prepping for R2
After launching its new joint venture with VW, Scaringe said the partnership was a “meaningful financial opportunity” worth up to $5.8 billion.
According to Rivian’s Chief Software Officer, Wassym Bensaid, other OEMs are now “knocking on our door” about similar supply deals for EV tech and software.
Rivian R2 (Source: Rivian)
Rivian’s biggest growth driver is still yet to come. The company is preparing to launch its mid-size electric SUV, the R2, early next year. It will initially be built at Rivian’s Normal, IL facility, but production is expected to significantly expand with plans to open a second plant in Georgia.
The R2 will start at around $45,000, or nearly half the cost of the current R1T ($71,700) and R1S ($77,700). Rivian will also build a smaller, more affordable R3 crossover and high-performance R3X at the Georgia facility.
Rivian EV production plans (Source: Rivian)
Rivian plans to build the plant in two stages, each adding 200,000 units of annual production capacity. Rivian says the R2 and R3 are “critical drivers in the company’s long-term growth and profitability.”
Although Rivian secured a $6.6 billion federal loan for the new EV plant just before Trump took office, the funding is now in jeopardy after the Administration announced plans to freeze federal loans.
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)
Georgia Gov Brian Kemp told Channel 2 news this week that Rivian “secured that loan at the tail end of the Biden administration and, you know, I think there’s no secret that the Trump administration is taking a look at all those things.” He added, “So I don’t really know where that stands right now.”
Rivian (RIVN) stock chart 2023 through February 2025 (Source: TradingView)
Rivian is confident the funds will be there next year when they go to draw them. A spokesperson said, “We’re working hard to onshore US manufacturing, providing thousands of American jobs here in Georgia.”
Rivian’s stock is up since reporting third-quarter earnings in November. However, RIVN shares are still down 12% over the past 12 months and 90% from their all-time high shortly after going public in November 2021.
Check back tomorrow after the market closes for a full breakdown of Rivian’s Q4 2024 earnings report.
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Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.
EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:
Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.
To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.
Source: EcoFlow
EcoFlow and its members look to provide “Power for All”
Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.
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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:
In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.
In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.
To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.
Source: EcoFlow
Save big and give back during the 2025 Member’s Festival
As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.
As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.
Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!
Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.
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Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.
Tesla changed how the entire auto industry looks at software.
Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.
When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.
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Tesla also integrated its software into its retail experience, service, and manufacturing.
David Lau deserves a lot of the credit for that.
He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.
Lau listed the responsibilities of his team on his LinkedIn:
Vehicle Software:
Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
UI software and underlying Embedded Linux platforms
Navigation and routing
iOS and Android Mobile apps
Distributed Systems:
Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla
Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.
Electrek’s Take
Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.
He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.
I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.
There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.
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Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.
Kia EV3 is the best-selling EV in the UK through March
In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.
The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.
Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.
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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.
Kia EV3 Air 91.48 kWh in Frost Blue (Source: Kia UK)
Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.
From left to right: Kia EV6, EV3, and EV9 (Source: Kia UK)
With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.
Electrek’s Take
Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.
Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.
Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.
For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.
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