Written by Cláudio Afonso | LinkedIn | X
EV maker Rivian reported on Thursday its fourth quarter earnings results posting a jump of 31.8% in total revenue while losses decreased to $661 million.
Rivian generated $1.734 billion in revenue in Q4, primarily from the 14,183 vehicles delivered and beating Wall St expecations of $1.4 billion. For the full-year, Rivian’s revenue reached $4.97 billion, up from $4.4 billion in 2023.
The company posted its first quarter with gross profit of $170 million, compared to a $606 million loss a year earlier. Net Loss decreased both year over year and sequentially to $743 million, lower than in Q4 2023 with $1.52 billion.
“We expect to achieve a modest gross profit for the full year 2025,” Rivian said in the shareholder letter while noting it expects to deliver between 46,000 and 51,000 vehicles this year.
In the fourth quarter of 2024, Rivian delivered 14,183 electric vehicles, up 41.6% from the previous quarter (10,018 units). The company has produced a total of 49,476 vehicles in 2024.
Wall Street expected Rivian to report $1.4 billion in Q4 revenue, up from $1.3 billion a year earlier, with a loss of $0.68 per share, narrowing from a loss of $1.36 per share, according to earnings data platform Estimize.
“During the fourth quarter of 2024, Rivian and Volkswagen Group closed their joint venture, Rivian and Volkswagen Group Technology,” the company said in a statement.
“With a total deal size of up to $5.8 billion, including $3.5 billion of proceeds expected to be received over the next several years, the Joint Venture plans to bring next-generation electrical architecture and best-in-class software technology for Rivian and Volkswagen Group future electric vehicles, starting with the R2,” Rivian added.
Rivian shares closed 2.3% lower on Thursday at $13.61. Year to date, the stock has gained 2%.
California Dune
The company introduced on Wednesday a new limited edition for its both R1T and R1S models. Named ‘California Dune,’ the version starts at $99,900 for the R1T and at$105,900 for the R1S.Â
The Limited edition brings an exclusive new exterior and interior color, new wheels, and an exclusive badging. DeliveriesÂ
January US Sales
In January, U.S. sales were of 3,060 units, a 39% fall year over year, according to Motor Intelligence estimates. The EV maker currently sells in the U.S. and Canada, and plans to expand to Europe in 2026 with its upcoming R2 model.
Institutional Ownership
Vanguard, the second largest institutional shareholder of the EV maker Rivian (only behind Amazon), reduced its position in the company by 8.8% in the final quarter of 2024.
Amazon remained Rivian’s largest institutional shareholder at the end of 2024, retaining its stake of approximately 158 million shares, unchanged since the company’s initial public offering (IPO) in late 2021.
Other top shareholders included Baillie Gifford & Co. with 49.6 million shares and BlackRock Inc., which increased its holdings by 3.8 million shares to 47.7 million.
BlackRock & Baillie Gifford
BlackRock, the world’s largest asset manager, disclosed last week that it purchased nearly 3.79 million shares of Rivian in the fourth quarter of 2024, boosting its stake in the company by 8.62%.
Baillie Gifford filed sold 754,133 shares in EV maker in the last quarter of 2024, bringing its stake down to 4.9%.
The Edinburgh-based firm is one of Rivian’s largest institutional shareholders and closed last year holding about 49.6 million shares — down from 50.36 million by the end of the third quarter.
