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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President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.
Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.
The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.
In September 2018, the US National Highway Traffic Safety Administration (NHTSA) released its Tesla Model 3 crash test results, and the EV got five-star safety ratings in every category.
Tesla interpreted the data from the test and claimed that Model 3 achieved “the lowest probability of injury of any vehicle ever tested by NHTSA“.
Morrison sent Tesla a cease-and-desist letter over the claim, arguing that it was misleading.
The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.
Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.
The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.
Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.
Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.
The agency had already launched several investigations into Tesla over the years, with the largest one examining Tesla’s Full Self-Driving program and several fatal crashes related to the ADAS system.
Electrek’s Take
Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.
On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.
At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.
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You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.
While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.
“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.
The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.
Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.
The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.
And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.
The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.
With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.
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The Kia EV5 is officially heading to North America in early 2026, paving the way for a potential US launch. If so, it could go head-to-head with the Tesla Model Y.
Is Kia launching the EV5 in the US?
On Tuesday, Kia unveiled the new EV5, a global version of its electric SUV that has been sold in China since 2023.
Starting at around $20,000 (149,800 yuan), the EV5 is leading Kia’s comeback in China. It’s also a top-selling EV in Australia, where it’s exported from Kia’s Chinese joint venture, Yueda Kia.
The global version will be made in Korea with a few slight upgrades. For one, it’s powered by an 81.4 kWh nickel-manganese-cobalt (NMC) battery pack, rather than the BYD LFP Blade battery used in the version sold in China.
In Europe, the EV5 will be initially available in two variants: a baseline model and a GT-Line model. Both are powered by front-wheel drive (FWD) with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque.
The global version is 4,610 mm long, 1,875 mm wide, and 1,675 mm tall, or a bit smaller than the Tesla Model Y. It’s about the size of the Hyundai IONIQ 5.
Inside, you’ll find a setup similar to the EV9 and EV3, featuring Kia’s new ccNC (connected car Navigation Cockpit) infotainment system. The setup features a 12.3″ instrument cluster and a 12.3″ infotainment display in a panoramic format. There’s also an added 5.3″ climate control screen.
During the launch event, Kia said the “rollout begins” in Korea and Europe in the second half of 2025, adding North American sales will start in early 2026.
Does that include the US? I wouldn’t get my hopes up. In January, Kia announced the EV5 will be “exclusive to the Canadian market in North America.” It will begin arriving at dealerships in 2026.
However, it might make sense. The EV5 for North America will have a built-in NACS port, unlocking access to Tesla Superchargers. It will be available in both AWD and FWD powertrains. Two battery sizes will be offered, 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).
With sales of the EV6 and EV9 slipping nearly 50% each through the first half of the year in the US, the EV5 could complement the two.
Electrek’s Take
Although it’s still unlikely, the EV5 could serve as a potential electric alternative to the Sportage, Kia’s top-selling vehicle in the US.
Through June, Kia has sold over 87,000 Sportage models in the US. In comparison, it’s only sold 4,938 EV9s and 5,875 EV6 models.
Kia is launching the EV4, its first electric sedan, in the US early next year. However, a smaller compact electric SUV may be an even better fit.
It already builds the EV9 and EV6 in Georgia, so it could produce the EV5 in the US to avoid extra tariff costs. Or, it could even potentially be built at Hyundai’s new EV plant in Georgia. However, nothing is confirmed.
Would you buy the Kia EV5 in the US? Prices would likely start at around $50,000. Drop us a comment below and let us know your thoughts.
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