Rivian’s cost–cutting measures have gotten it a lot closer to profitability, but the company is warning that 2025 could still be a challenging year – especially because of the whorl of uncertainty caused by the new Trump Administration. The company announced Thursday its fourth quarter and full-year 2024 financial results, and along with it, shared […] © 2024 TechCrunch. All rights reserved. For personal use only.
Rivian is making progress toward profitability through cost-cutting measures, but warns that 2025 could be challenging due to potential changes in government policies, particularly under the new Trump administration, which may impact the $7,500 federal EV tax credit. The company anticipates a financial hit of "hundreds of millions" from tariffs and potential loss of EV credits. Rivian achieved a $170 million gross profit in Q4 2024, with $60 million from software and services, and reported $1.7 billion in revenue for the quarter, a 32% increase. For the year, they generated $325 million from regulatory credits and $484 million from software and services. Rivian is investing in software through a joint venture with Volkswagen and introduced an AI assistant in their app for customer service.
