Rivian (RIVN) hit its gross profit goal in Q4, now what?
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.
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.”
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full-Year 2024 | 2025 guidance | |
| Deliveries | 13,588 | 13,790 | 10,018 | 14,183 | 51,579 | 46,000 – 51,000 |
| Production | 13,980 | 9,612 | 13,157 | 12,727 | 49,476 | N/A |
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.
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Mammoth Solar, a 1.3 gigawatt (GW) solar farm in northern Indiana, is now powering into its biggest construction phase yet, cementing its place as one of the largest solar projects in the US.
The solar farm is set to increase Indiana’s solar capacity by more than 20% once it’s fully online. And with construction ramping up this month, developer Doral Renewables has given Bechtel Full Notice to Proceed on the design, engineering, and construction of three major phases of the project: Mammoth South, Mammoth Central I, and Mammoth Central II. Together, these phases will generate 900 MW of clean energy.
That’s enough electricity to power around 200,000 homes with clean energy, helping Indiana shift away from fossil fuels while boosting the local economy.
Construction is already underway, and over the next two years, Bechtel will install around 2 million solar panels, with about half of them made in the US. The company is also handling all engineering, procurement, and construction work, using its digital project management tools and autonomous tech to keep everything on track.
At the peak of the buildout, Mammoth Solar is expected to create over 1,200 jobs, with at least 15% of those set aside for apprenticeships.
Bechtel says its success will hinge on strong collaboration with local trades and vendors. The company is working closely with craft professionals and is committed to being a reliable community partner throughout construction.
Once the solar farm is complete in 2027, Doral Renewables plans to roll out agrivoltaics across the site. That means livestock grazing and crop cultivation will happen right alongside energy production, giving farmers in the area a way to keep working their land while supporting clean energy development.
Read more: Solar adds more new capacity to the US grid in 2024 than any energy source in 20 years
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BYD is about to launch an even smaller EV, but this one’s a little different. It’s BYD’s first kei car. You know, those tiny vehicles that dominate Japan’s city streets? BYD’s mini EV was just spotted out in public, giving us our first real look at the upcoming kei car.
BYD’s first mini EV was spotted in public
Last week, rumors surfaced that BYD was developing its first kei car, which would compete with top-selling models from Nissan, Honda, Mitsubishi, and other Japanese brands.
Kei cars, or “K-Car,” as they are sometimes called, are a class of ultra-compact vehicles that cannot be longer than 3.4 meters (134″). To put that into perspective, BYD’s smallest EV currently, the Seagull (called the Dolphin Mini overseas), is 3,780 mm (148.8″) long.
The mini vehicles are ideal in Japan because they are so small, making it easy to get around tight city streets. They are also more affordable and efficient than larger vehicles.
BYD’s mini EV was spotted for the first time during a road test this week by IT Home (via CarNewsChina), revealing a familiar look. It has that boxy, compact look of a typical kei car with sliding side doors.
According to reports, BYD is developing a new platform for the model. It will reportedly include a 20 kWh battery, good for 180 km (112 miles) WLTC range. By using its in-house Blade LFP batteries, BYD is expected to have a cost advantage.
BYD’s upcoming mini EV is expected to start at around 2.5 million yen, or about $18,000. That’s about the same as the Nissan Sakura (2.59 million yen), Japan’s best-selling EV last year.
既出ですがBYDの日本向けEV軽自動車と言われているフロントとリアからのスパイショット。 pic.twitter.com/CcV5pihpWc
— 主夫まぬか (@syufumanuka) May 16, 2025
Last year, around 1.55 million kei cars were sold in Japan, accounting for roughly 40% of new vehicle sales. Honda’s N-Box was the top-selling kei car (EV or gas) for the third straight year.
As Nikkei reported, some are already calling BYD’s electric kei car “a huge threat.” A Suzuki dealer said, “Young people do not have a negative view of BYD. It would be a huge threat if the company launches cheap models in Japan.”
BYD already sells several electric cars in Japan, including the Atto 3 SUV, Dolphin, and Seal. Last month, the company launched the new Sealion 7 midsize electric SUV, starting at 4.95 million yen ($34,500).
Although Japan isn’t really an EV hot spot, with sales falling 33% in 2024 to just under 60,000 units, BYD sees an opportunity.
By making virtually every car component in-house, including batteries, BYD can offer EVs at such low prices while still making a profit. BYD’s cheapest and best-selling electric car, the Seagull, starts at under $10,000 (69,800 yuan) in China.
With new smart driving and charging tech rolling out, BYD’s electric cars are getting smarter and even more efficient.
Can BYD’s mini EV compete with Japanese brands? At the right price, it may have a chance. Check back soon for more on the upcoming kei car. We’ll keep you up to date with the latest.
Source: Sina, CarNewsChina
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Ford’s electric pickup truck is back at the top. The F-150 Lightning is once again the best-selling electric pickup in the US after overtaking the Tesla Cybertruck in the first quarter.
Ford’s F-150 Lightning is the best-selling electric pickup
After launching in 2023, Tesla’s Cybertruck quickly outpaced the Lightning to become America’s top-selling EV pickup last year.
Since Tesla doesn’t break down regional sales, registration data gives us our best estimate. The latest registration data from S&P Global Mobility (via Automotive News) shows that the F-150 Lightning retook the title in March and the first quarter of 2025.
Ford’s electric pickup notched 2,598 registrations in March, topping the Tesla Cybertruck with 2,170. In the first quarter, the F-150 Lightning remained ahead with 7,913 registrations, compared to the Cybertruck’s 7,126.
Although the Cybertruck was the fifth top-selling EV in the US last year, it didn’t even crack the top ten in March. It placed ninth through the first three months of 2025, behind the Volkswagen ID.4.
While Tesla and Ford remained the leaders in the electric pickup market, several new models are gaining momentum. According to the most recent numbers from Cox Automotive, GM sold 2,383 Chevy Silverado EVs and 1,249 GMC Sierra EV models in Q1. Meanwhile, Rivian sold 1,727 R1Ts during the quarter.
Earlier today, Electrek reported that new models, including the Honda Prologue and Chevy Blazer EV, helped drive EV registrations up 20% in the US in March.
Although the Lightning reclaimed the crown from Tesla, Ford’s electric pickup isn’t exactly flying off the lot. Ford reported Lightning sales fell 16% to just 1,740 units in April. Through April 2025, Ford has sold 8,927 electric trucks, down 9% from the 9,833 it handed over last year.
Electrek’s Take
To be fair, Tesla is still ahead by a wide margin in the US. The S&P numbers show Tesla had over 51,000 registrations in March, up 1% after two months of lower YOY growth.
GM’s Chevy surpassed Ford to become the second-best-selling EV brand with nearly 8,500 registrations, an increase of 274% from last year. Ford dropped to third with 7,361 registrations.
Although it’s just one quarter, it’s starting to show how Tesla CEO Elon Musk’s political antics are likely impacting sales. After the Cybertruck’s initial hype, it appears many buyers are opting for traditional pickups, like the F-150 Lighting.
Meanwhile, Ram is delaying its first electric pickup, the 1500 REV, again. Ram is pushing production back until summer 2027, saying it’s “extending the quality validation period.” The plug-in hybrid (PHEV) Ramcharger will also be delayed until the first quarter of 2026.
After pulling the Ramcharger ahead of the fully electric version last year, Stellantis blamed weak demand for EV pickups in the US.
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