Rivian’s cost-cutting measures bring it closer to profitability, but the company warns that 2025 can still be a challenging year, especially because of uncertainty created by the new Trump administration .
company Announce On Thursday, its fourth-quarter and full-year 2024 financial results, and its shared plans, deliver 46,000 to 51,000 evs during the 2025 period. Levian warned that “changes to government policies and regulations and a challenging environment for demand” could affect those who could affect those results, according to shareholder letters, EV manufacturers released along with the results.
Rivian didn’t specify what the changes might be, but Trump said on the campaign he tends to find a way Kill $7,500 Federal Electric Vehicle Tax Credit. Friends of Trump Administration Vivek Ramaswamy Call too The $6.6 billion loan obtained from the Department of Energy will be withdrawn. The loan has been completed Three days before Trump took office.
Rivian spent most of 2024 cutting costs. it Leave 10% of employees In February, simplified Cheap In June, the version of its flagship electric car – the R1T pickup truck and the R1S SUV. The company ended up changing 600 parts on these vehicles to reduce manufacturing costs, while also revamping its electric architecture and software user interface.
Like those changes, the last quarter of the last quarter of 2024 helped Rivian Notch with a positive profit of $170 million, although $60 million of that comes from software and services.
Rivian reported $1.7 billion in the fourth quarter, up 32% from the same period in 2023. Much of its fourth-quarter revenue (about $1.5 billion) comes from the sale of 14,183 cars and $299 million, with retail sales of $299 million. – Discharge regulatory credit for automakers. During the year, Rivian reported $325 million in revenue, from the sale of regulatory credits.
The revenue from software is becoming increasingly important. Rivian generated $214 million from software and services in the fourth quarter, tripling the amount from the same year. Rivian reported $484 million in 2024 revenue from software and services.
Rivian may be engaged in the construction and sale of electric vehicles, but its future is also primarily fixed in software, namely through a lucrative joint venture with the Volkswagen Group.
Rivian said the software revenue is driven primarily by fees and subscription fees, repair and maintenance services, and new vehicle electrical construction and software development services provided by joint ventures.
