Rivian disclosed its Q4 2024 and annual financial performance, showcasing a gross profit of $170 million and a marked increase in adjusted EBITDA. The financial report coincided with challenges surrounding a $6.6 billion DOE loan, uncertain due to the current political landscape. Vehicle production saw a total of 12,727 units in Q4 and 49,476 for the year. Rivian's production guidance was revised lower as production hurdles persist. Moreover, they established a joint venture with Volkswagen, expected to benefit Rivian financially in the coming years.
This quarter we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023.
Our focus on cost efficiency across the business is critical for the launch of our mass market product, R2. The R2 bill of materials is approximately 95% sourced.
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