We’re really looking forward to working with the new administration and Department of Energy on our loan, and we share in the President’s desire to bring jobs back to the US.
American electric vehicle manufacturer Rivian recorded its best-ever quarterly revenue figures at the end of last year but has warned investors that 2025 could be challenging as the company adjusts to changes imposed by the Trump White House.
Revenue up, losses down: For the full year 2024, Rivian delivered 51,579 vehicles and generated just under $5 billion in revenue. The company reported a net loss of $4.7 billion for the year, an improvement from the $5.4 billion net loss in 2023. The reduction in losses is partly due to increased revenue from the sale of regulatory credits, which saw a $260 million year-over-year increase in the fourth quarter.
A record quarter: Revenue for the fourth quarter reached $1.73 billion, surpassing Wall Street's expectations by approximately $300 million. This growth was driven by increased sales of regulatory credits, software and services revenue, and higher average selling prices, particularly with the expanded availability of Rivian's Tri-Motor offering.
The Trump factor: On the campaign trail last year, Donald Trump indicated his intention to kill the Biden administration’s $7500 EV tax credit. There are suggestions Trump's administration may attempt to claw-back a $6.6 billion Department of Energy loan finalized just days before he took office.
Putting on a brave face: But Rivian remains upbeat about using the loan to build a new factory in Georgia. "We’re really looking forward to working with the new administration and Department of Energy on our loan, and we share in the President’s desire to bring jobs back to the US," the company’s chief financial officer, Claire McDonough, said during a call with analysts after the release of its latest results.
