Written by Cláudio Afonso | LinkedIn | X
EV maker Rivian sold 4,100 electric vehicles in the United States last month, estimates from Motor Intelligence showed on Monday.
February figures showed a 34% jump from January but a 21% decline when compared to a year ago. This year, the company led by RJ Scaringe expects to deliver between 46,000 and 51,000 vehicles, below most Wall Street expectations.
In February, Lucid Motors reached a new sales record in the United States with 805 vehicles while Tesla recorded 43,650 units.
As of now, Rivian shares are down 5.50%, trading at $10.87. The decline follows a broader stock market drop after U.S. President Donald Trump confirmed on Monday that 25% tariffs would be imposed on Canada and Mexico.
Rivian reported its first-ever quarterly gross profit of $170 million, a sharp turnaround from a $606 million loss in the same period last year.
The company achieved the result after strategically delayed the sale of $260 million regulatory credits until the final quarter to ensure it achieved profitability for the first time. However, the company is not expected to report a profit for the current quarter.
The $170 million profit in Q4 2024 was also driven by the “software and services revenue growth as well as increasing R1 average selling prices with the increased availability of our Tri-Motor offering,” the company said in a statement last monht.
Net loss narrowed to $743 million from $1.52 billion in the same period last year.
For the complete year, Rivian stated that it expects “to achieve a modest gross profit for the full year 2025. “
Last week, Bank of America (BofA) cut its price target on the EV maker to $10 from $13 citing concerns over Rivian’s growth trajectory and profitability.
