Rivian reported a record $170 million in gross profit for Q4 2024, with $110 million from the automotive segment and $60 million from the software and services segment. The company disclosed its earnings after the bell on Thursday.
In a company press release, Rivian told investors: “We delivered record revenues in the fourth quarter of 2024 driven by the sale of regulatory credits and software and services revenue growth as well as increasing R1 average selling prices with the increased availability of our Tri-Motor offering. “
Rivian 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. Our focus on cost efficiency across the business is critical for the launch of our mass market product, R2. The R2 bill of materials is approximately 95% sourced and is expected to be approximately half that of the improved R1 bill of materials.”
“We expect these improvements to benefit Rivian over the long-term and position us to achieve modest gross profit for 2025,” the company stated.
Despite the strong 2024 results, moving forward, Rivian expects its 2025 full-year adjusted EBITDA loss to be between $1.7 billion and $1.9 billion.
Rivian shares slipped 2% in pre-market trading today.
By CEO NA Editorial Staff
