As EV deliveries pick up, Rivian’s (RIVN) CEO RJ Scaringe says the company is seeing significant progress in lowering costs. As losses improve, Rivian’s leader explained, “We will see a very clear” set of steps toward profitability.
Scaringe made the comments Tuesday morning in an interview with CNBC’s “Squawk Box,” explaining the EV maker’s production ramp and improving financials.
The interview comes a day after Rivian beat expectations, delivering 15,564 electric vehicles in Q3. Rivian’s Q3 deliveries improved 24% from last quarter’s total of 12,640.
Rivian also produced 16,304 EVs during the quarter, up 17% from 13,992 in Q2. As the startup better leverages its Normal, Illinois facility, Rivian believes it can make a profit on each vehicle made by the end of next year.
Although the company’s growing deliveries are getting all the attention, many want to know when Rivian will turn a profit.
Rivian’s average transaction price is over $80,000 per vehicle, yet the company is still losing money on each car built.
Rivian loss per vehicle
Many reports have been quick to point out that Rivian lost $32,595 on each vehicle it made in Q2, but this is still a 50% improvement from Q1’s loss per vehicle of $67,329.
Is Rivian on the road to profitability?
Scaringe has previously said he sees Rivian reaching a break-even point on each EV built by the end of next year. Reaffirming these comments, Scaringe told CNBC the company is seeing significant progress quarter over quarter.
Rivian quarterly production and deliveries (Source: Rivian)
He added, “What we’re going to see is a very clear staircase or set of steps that get us to profitability as a business.”
Rivian’s production ramp is the foundational piece to achieving profitability. After beating Q3 expectations, Rivian confirmed it’s on track to reach its 52,000 annual production guidance.
The introduction of its in-house Enduro drive units and LFP battery packs have been a key enabler of the recent production ramp.
Rivian Dual-Motor R1T (Source: Rivian)
Rivian ended the second quarter with around $9.2 billion in cash and equivalents, which will help fund its production ramp. When asked if the company will need to raise funds before introducing its next-gen R2 products, Scaringe said Rivian is focused on efficiently deploying capital and is “very comfortable with the fact that we’ve maintained a strong balance sheet.”
Scaringe reiterated that he does not see customer overlap with Tesla’s Cybertruck and the Rivian R1T. Instead, “it’s really important to have choice, to have selection, to have variety,” as Scaringe explained.
Electrek’s Take
With production and deliveries improving again quarter over quarter, Rivian will likely see another gross margin improvement.
Another 50% improvement would be impressive, suggesting an around $16,300 loss per vehicle. However, production and deliveries also grew 50% and 60%, respectively, in Q2.
In the third quarter, Rivian production and deliveries advanced 17% and 24%. Meanwhile, the company is leveraging fixed costs, improving efficiency with in-house components, and working to reduce operation costs.
We’ll learn more about Rivian’s financial situation and when we can expect the EV maker to reach turn profitable on November 7, when Rivian releases its Q3 earnings report.
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Sam Altman, CEO of OpenAI attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., on July 8, 2025.
David A. Grogan | CNBC
OpenAI is in talks with investors about a potential stock sale at a valuation of roughly $500 billion, according to two sources with knowledge of the matter.
The talks are in early stages and would involve a secondary sale with shares sold by current and former employees, said the people, who asked not to be named because the discussions are confidential. Thrive Capital, an investor in OpenAI, could lead the potential round, the sources said.
Bloomberg was first to report on the latest talks.
OpenAI’s valuation has been on a continuous upswing since the artificial intelligence startup launched ChatGPT in late 2022 and quickly established itself as the leader in generative AI. The company announced a $40 billion funding round in March at a $300 billion, by far the largest amount ever raised by a private tech company.
Last week, OpenAI announced its most recent $8.3 billion tranche tied to that funding round.
OpenAI released two open-weight language models on Tuesday for the first time since it rolled out GPT-2 in 2019. The models aim to serve as lower-cost options that developers and researchers can easily run and customize, OpenAI said.
The company said earlier this week that ChatGPT was about to hit 700 million weekly active users.
OpenAI rival Anthropic, meanwhile, is in talks to secure between $3 billion and $5 billion in new funding led by Iconiq Capital at a potential $170 billion valuation, up from $61.5 billion in March.
CNBC previously reported that OpenAI’s annual recurring revenue is projected to top $20 billion by year-end, up from $10 billion in June.
Electric cars don’t have intakes and exhausts, so they can’t get hydrolocked in deep water the way ICE-powered cars can – but that doesn’t make them amphibious. Nobody told this Texan Chevy Bolt EUV owner that, and when they got caught on the wrong side of the floodwaters, they licked the stamp and sent it!
The recent catastrophic flooding in Texas has brought unimaginable tragedies and hardships to thousands of people who unquestionably deserve better, and living through something like that can lead people to make some rash decisions (I made it through the aftermaths of Hurricanes Andrew and Katrina, AMA). Rash decisions like pulling up to a tunnel flooded in nearly three feet of water, and deciding to stand on the gas.
Think I’m exaggerating? Watch this Chevy Bolt EUV go full “Boat Mode” as its driver decides that dealing with whatever unseen obstacle or deadly live wires concealed by the floodwaters are less annoying than having to find an alternative route for yourself.
Submerging an EV that wasn’t designed for it (or even a Cybertruck, which allegedly was), isn’t exactly advisable. In addition to the underwater threats, submerging the skateboard in water could damage sensitive electrical connectors, compromise battery seals, and cause shorts in circuit boards over time.
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“Even more critically, water ingress into high-voltage systems can pose serious safety risks, including electrical faults or, in rare cases, thermal events,” writes Jonathan Lopez, over at GM Authority. “Although the Bolt EUV in this instance completed its soggy journey successfully, long-term effects may still emerge.”
In other words: don’t try this at home.
Electrek’s Take
Chevy Bolt EUV, via GM.
Like, don’t try this at home … but it’s pretty awesome.
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Georgia BRIGHT, a statewide initiative to deliver affordable solar, kicked off its “No-Cost Solar Plan” in Atlanta yesterday, giving qualified homeowners a shot at roughly 400 fully prepaid rooftop-solar systems with zero upfront or maintenance costs. However, Georgia Bright’s No-Cost Solar Plan may lose its $156 million in grant money if the EPA steals back the Solar for All program’s entire $7 billion, which funded it.
On Earth Day (April 22) 2024, the Georgia BRIGHT Communities Coalition, including lead applicant Capital Good Fund, along with coalition member cities, Atlanta, Savannah, and Decatur, and dozens of other Georgia stakeholders, was allocated $156 million from Solar for All to bring solar to thousands of households statewide between now and mid-2029.
Families that earn 80% or less of their county’s Area Median Income can enter a drawing for the No-Cost Solar Plan now; a second drawing for another 400 systems is set for spring 2026.
“As the cost of living increases across our most vulnerable communities, this program will deliver significant savings to the households that need it most,” said Alicia Brown, director of Georgia BRIGHT.
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Those savings are already showing up. Pilot participant Christine Difeliciantonio saw her power bill plunge on her Columbus home from $224 in June 2024 to $50 in June 2025 after her panels came online, and she says the added resilience eases her mind during storms.
Nonprofits are benefiting, too. Trees Atlanta had 140 panels installed on their headquarters last November in the pilot program; the rooftop array went live in March and is on track to save about $3,000 a year, the carbon equivalent of planting 28,000 trees over 25 years.
What’s next for Georgia BRIGHT …
Georgia BRIGHT’s other programs in the works include its Residential Solar Savings Plan, offering custom rooftop installs with no upfront cost and guaranteeing households at least 20% savings on day one after factoring in the modest monthly payments. Georgia BRIGHT is also developing Community Benefit Solar, which lets businesses, houses of worship, and apartment buildings go solar so long as they share part of the financial benefits – think grocery gift cards, help with utility bills, discounted daycare, or rent relief – with eligible neighbors for five years. Finally, a Utility-Led Community Solar initiative will send grants to local utilities so they can run shared-solar programs designed specifically for low-income customers.
These programs really make a difference in a state like Georgia, which doesn’t offer any other solar incentives.
… if the EPA doesn’t steal its money
The New York Timesreported today that the Trump-led EPA is drafting letters to claw back the entire $7 billion Solar for All pot from 49 states, plus 11 nonprofit groups and Native American tribes. The grant money was awarded under President Biden’s 2022 Inflation Reduction Act. According to the Times‘ sources, the EPA plans to send termination notices this week, effectively erasing solar savings for nearly a million low-income families before the panels ever land on their roofs.
Legal groups are already gearing up for the fight. “If leaders in the Trump administration move forward with this unlawful attempt to strip critical funding from communities across the United States, we will see them in court,” Kym Meyer of the Southern Environmental Law Center told the Times.
If the EPA pulls the trigger on this cruel, senseless plan to steal solar from lower-income communities, it wouldn’t just kneecap Georgia’s new program – it would pull the rug out from under low-income solar projects nationwide. The fight over Solar for All is officially on. How about that energy emergency that Trump declared, eh?
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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