NORMAL, Ill. (WAND) -- Rivian Automotive is reporting a gross profit for its 2024 fourth-quarter earnings.
The Electric Vehicle manufacturer garnered $170 million in gross profit in the last few months of the year, but still ended 2024 with a net loss of $4.74 billion. Though a large loss, it is better than how the company ended 2023 with a loss of $5.34 billion.
$60 million of the reported gross profit was earned from software and service sales. Car sales generated most of the gross revenue.
The electric vehicle maker toute its reduced expenses in various areas of business. Research and Development cost $374 million in the last quarter, compared to over $500 million for the same period the year prior.
Overall, the company’s operation loss was $4.69 million in 2024, compared to $5.74 billion in 2023.
In 2024, the company revealed its' R2 and R3 models. Rivian leaders tout both vehicles as more efficient and cheaper to manufacture in comparison to previous models.
More than 50,000 electric vehicles were delivered last year.
Rivian estimates delivering 46,000 to 51,000 electric vehicles, but said in their letter to investors that “external factors” could influence those projections.
“We believe external factors could impact our 2025 expectations, including changes to government policies and regulations, and a challenging demand environment,” the letter reads. “While uncertainties persist we remained focused on executing against our key value drivers and are confident in electrifying the world long-term.”
