Moving forward in the current earnings season, electric vehicle group Rivian recently shared their Q4 2024 results. These figures showed promising signs for the company’s past performance, with revenue surpassing expectations and an impressive automotive gross profit reported for the quarter.
This week, Rivian unveiled comprehensive details about its Q4 2024 earnings on its investor relations website. In that post, the company disclosed an impressive automotive gross profit of $110 million for the quarter as a whole. This substantial figure marks a significant stride forward for Rivian, which has been striving to establish itself within the electric vehicle market for quite some time. Furthermore, it reported approximately $60 million in gross profit from its software and services sector, contributing to an overall gross profit of $170 million.
It turns out that Rivian’s predictions for vehicle deliveries by 2025 didn’t meet analysts’ optimistic expectations. Instead of the anticipated 55,000 units, they projected a range between approximately 46,000 to 51,000. This lower forecast caused Rivian’s stock to fluctuate in after-hours trading. Despite this setback, Rivian is actively working on expanding and aiming for profitability by teaming up with Volkswagen to produce joint electric vehicles as part of their partnership.
It appears that Rivian is holding its own for now, but we’ll have to wait and see if they can maintain their momentum amidst rising competition. Keep an eye on our platform for the latest earnings reports updates from Rivian – coming soon at Shacknews!
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2025-02-21 01:27