Rivian Automotive (RIVN) delivered a strong fourth-quarter performance, reporting a record $1.73 billion in revenue, surpassing Wall Street’s estimate of $1.4 billion. The company’s growth was driven by an increase in software and services revenue, as well as higher average selling prices for its R1 vehicles.
The electric vehicle (EV) maker also posted an adjusted loss of 46 cents per share, beating expectations of a 65-cent loss. Additionally, Rivian achieved a gross profit of $170 million for the quarter, marking a significant milestone in its financial performance.
In a strategic move, Rivian finalized its joint venture with Volkswagen, a deal valued at up to $5.8 billion. The company also expanded its commercial electric delivery van sales beyond Amazon, broadening its market reach.
Rivian delivered 51,579 vehicles in 2024, with Q4 contributing 14,183 units. CEO RJ Scaringe emphasized cost-cutting efforts, reducing per-vehicle costs by $31,000 year-over-year, positioning Rivian for future growth.
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