Rivian (RIVN) eyes first positive gross profit in Q4: Here’s what to expect from its earnings
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 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’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’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 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.
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 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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The Trump administration is shutting down EV chargers at all federal government buildings and is also expected to sell off the General Services Administration‘s (GSA) newly bought EVs.
GSA, which manages all federal government-owned buildings, also operates the federal buildings’ EV chargers. Federally owned EVs and federal employee-owned personal EVs are charged on those 8,000 charging ports.
The Verge reports it’s been told by a source that plans will be officially announced internally next week, and it’s seen an email that GSA has already sent to regional offices about the plans:
“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission-critical.”
The GSA is working on the timing of canceling current network contracts that keep the EV chargers operational. Once those contracts are canceled, the stations will be taken out of service and “turned off at the breaker,” the email reads. Other chargers will be turned off starting next week.
“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service.”
Colorado Public Radio first reported yesterday that it had seen the email that was sent to the Denver Federal Center, which has 22 EV charging stations at 11 locations.
The Trump/Elon Musk administration has taken the GSA’s fleet electrification webpage offline entirely. (An archived version is available here.)
The Verge‘s source also said that the GSA will offload the EVs it bought during the Biden administration, although it’s unknown whether they’ll be sold or stored.
Read more: Trump just canceled the federal NEVI EV charger program
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Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023.
Joseph Nair | Bloomberg | Getty Images
Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.
The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.
“Please rest assured that all other cold wallets are secure,” Ben Zhou, CEO of Bybit, posted on X. “All withdrawals are NORMAL.”
Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, according to Elliptic. That includes the $611 million stolen from Poly Network in 2021 and the $570 million drained from Binance in 2022.
Analysts at Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.
“We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges,” said Tom Robinson, chief scientist at Elliptic, in an email.
The breach immediately triggered a rush of withdrawals from Bybit as users feared potential insolvency. Zhou said outflows had stabilized. To reassure customers, he announced that Bybit had secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.
The Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of bitcoin. As law enforcement agencies and crypto tracking firms work to trace the stolen assets, industry experts warn that large-scale thefts remain a fundamental risk.
“The more difficult we make it to benefit from crimes such as this, the less frequently they will take place,” Elliptic’s Robinson wrote in a post.
WATCH: Crypto stocks plunge
Environment
Ford Mustang Mach-E is heavily discounted, you can even lease it for less than a Toyota Camry
Ford is offering big savings opportunities right now on its electric vehicles. The Ford Mustang Mach-E can be leased for less than a Toyota Camry in some places despite costing over $10,000 more. Here’s how you can snag some savings.
Ford’s Mach-E is cheaper to lease than a Camry right now
With over 51,700 models sold in 2024, Ford’s Mustang Mach-E was the third best-selling EV in the US behind the Tesla Model Y and Model 3.
The electric Mach-E even outsold the gas-powered Mustang for the first time last year. To keep up with new models like the Honda Prologue and the 2025 Hyundai IONIQ 5, Ford introduced big discounts at the start of the year.
Ford extended its “Power Promise” program in January, offering all EV buyers a free Level 2 home charger. The company will even cover the cost of standard installation. If you already have a home charger, Ford will give you a $1,000 charging credit.
According to online car research firm CarsDirect, the savings don’t stop there. Through March 31, the 2024 Ford Mustang Mach-E can be leased for as little as $229 for 24 months in Southern California.
With $4,329 due at signing, the effective cost is just $409 per month. The deal is for the base 2024 Mach-E Select with an MSRP of $39,995 and includes a $7,750 lease cash bonus.
In comparison, the 2025 Toyota Camry Hybrid LE (MSRP $28,400) is listed at $299 for 39 months and $3,598 due upfront, for an effective rate of $391 per month.
Although that’s slightly less than the Mach-E, if you factor in Ford’s other incentives, it’s actually much cheaper. In addition to the $1,000 charging credit, Ford is offering current Tesla owners $1,000 in conquest bonus cash, which can be applied to the purchase or lease of a new vehicle.
The $2,000 in savings brings the effective monthly lease rate to just $326 per month. That’s even $10 cheaper than a 2025 Toyota Corolla LE with an MSRP of just $22,325, or over $17,500 less than the Mustang Mach-E.
Alternatively, Ford is offering the 2024 Ford Mustang Mach-E for 0% APR for 72 months plus $2,500 in bonus cash.
Ford also introduced new incentives on the F-150 Lightning last week. The 2024 F-150 Lightning now features a nationwide 0% financing for 72 months offer with additional savings of up to $5,000 off MSRP.
The new Flash trim now features an up to $3,000 retail cash bonus, XLT and Lariat trims get up to $4,000, and the Platinum model gets a $5,000 bonus.
Ford’s electric pickup is eligible for the $1,000 Tesla Conquest bonus and public charging credit offer. Ram owners can snag an extra $2,000 from a serperate conquest program.
If you’re ready to test drive Ford’s electric vehicles for yourself, we can help you get started. You can use our links below to find Ford F-150 Lightning and Mustang Mach-E models at a dealer near you.
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