The Irvine-based company’s fourth quarter result easily topped the $32 million expected by Wall Street.
Irvine-based Rivian Automotive recorded its first-ever quarterly gross profit to close out 2024, achieving a long-held goal even as it warned that policy shifts in Washington may weigh on its The EV maker posted a fourth-quarter gross profit of $170 million and expects a “modest” positive result for the figure this year, the company said in a statement.
The fourth quarter result easily topped the $32 million expected by Wall Street.Rivian’s shares rose more than 3% in after-hours trading on Thursday, signaling that investors saw signs of progress after the company battled supply chain problems and high costs that hampered its results last year. Still, the company said it expects to sell between 46,000 and 51,000 EVs this year, below the roughly 54,800 average of analyst estimates compiled by Bloomberg. The guidance reflects Rivian’s view of the impact that could result from changes to tariffs, EV tax credit and regulatory credit policies that could weigh on sales, Rivian Chief Executive Officer RJ Scaringe said in an interview. “We, as much as everyone else, are very much closely watching what’s going to happen with tariffs around our supply chain, which will drive cost up and could ultimately lead to potential price changes,” he said.. He has vowed to gut his predecessor’s efforts to bolster consumer adoption and production of EVs, and has threatenedChanges to fuel economy and pollution regulations could also affect the marketplace for regulatory credits, a lucrative revenue stream for pure-play EV makers such as Rivian and Tesla Inc.Scaringe told Bloomberg that credit sales that come from programs including California rules requiring carmakers to sell more zero-emission vehicles each year are “quite valuable” to the company. Scaringe said he expects little change to that regulatory system because it doesn’t impose a cost on the federal government.LA County approves six-month rent moratorium for tenants, workers affected by firesGabriel Fernandez, 8, was tortured to death. His mother didn’t like her life sentence. This is what a judge had to say. Gabriel Fernandez, 8, was tortured to death. His mother didn’t like her life sentence. This is what a judge had to say.LA City Council postpones until March a vote on eviction defense proposalGranada Hills residents protest over taking fire debris to Sunshine Canyon Landfill2 more identified as victims of Palisades fire
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