Rivian Automotive, an EV manufacturer and outdoor recreation company, has announced financial results for both the fourth quarter of 2024 and the full calendar year.
The company’s Q4 net revenue was $170,000, an increase of $604 million when compared with its Q4 2023 net loss of $606 million, on net income of $1.5 billion.
Rivian attributed its record quarterly revenue to the sale of regulatory credits as well as software and services revenue growth. The EV maker said the increased price of its vehicles also shored up the bottom line.
During calendar year 2024, the company recorded a net loss of $1.2 billion, down from $2.03 billion in 2023, on net income of $4.434 billion for the full year, which was up by $536,000 when compared with $4.970 billion from the same period in 2023.
Rivian said that, during the fourth quarter, it produced 12,727 vehicles at its manufacturing facility in Normal, Illinois and delivered 14,183 vehicles. For the full calendar year, Rivian said it produced 49,476 vehicles and delivered 51,579.
In a discussion with analysts, Rivian’s management team said that the improvement in Q4 revenues was driven “by improvements in variable costs, revenue per delivered unit and fixed costs.” The company said these improvements will “position the company well to achieve modest gross profit for 2025.”
Source: Rivian Automotive
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