Rivian reported that for the first time revenue exceeded the cost of building its electric vehicles, even as the carmaker said it would deliver fewer trucks and vans this year as demand slows and the Trump administration hits out at the EV industry.
The Californian carmaker posted $170mn in gross profit in the fourth quarter, exceeding Wall Street expectations of $20mn, as it lowered costs while improving revenue per vehicle delivered. Chief executive RJ Scaringe said Rivian had cut $31,000 off the cost of manufacturing each vehicle.
Gross profits account for revenues less the cost of goods sold but do not account for other expenses such as taxes. Rivian reported a gross loss of $606mn in the final three months of 2023.
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