Rivian reports first quarter of ‘positive gross profit’

is transportation editor with 10+ years of experience who covers EVs, public transportation, and aviation. His work has appeared in The New York Daily News and City & State. Rivian announced a significant milestone today, reporting its first “positive gross profit” in its fourth quarter earnings for 2024. It was a sign that the struggling company’s efforts to slash costs through the gut overhaul of its R1 electric vehicles is starting to yield some positive results. But dark clouds loom ahead, as the company said it expects to sell fewer vehicles in 2025 than last year. Rivian reported $170 million in positive gross profits, which includes production and sales but does not factor in other expenses, for the three-month period that ended December 31, 2024. That was based on $1.7 billion in revenues. The company said its net loss for the fourth quarter was $743 million, as compared to $1.5 billion in net losses in the same period in 2023. Rivian earned $4.5 billion in revenue for the f ... Read full article.