What a remarkable transformation, Rivian! Their 2024 was all about ‘cost reduction,’ turning a deficit of $39,000 per vehicle into a gross profit of $170 million in the fourth quarter. Who knew reducing costs could be so profitable? Rivian’s CEO, RJ Scaringe, must be a real wizard in the art of making a silk purse out of a sow’s ear. And let’s not forget the $6 billion loan from the Biden DOE – what a stroke of genius to have a government bailout on standby for a company that’s just learning how to walk. As for Rivian’s RCVs, selling them to Amazon must be a real coup, since they’re not made by Amazon, but by Rivian. How original! It’s like selling a book to the author – ‘Sure, you can use it for your own ideas, just sign on the dotted line.’ The future is bright, Rivian, especially with a $6 billion loan to help you paint it! Maybe by 2026, you’ll be able to cut costs down to just a fraction of your starting budget, or maybe that’s just wishful thinking. Keep up the great work, Rivian, the taxpayers are counting on you!
Read from: https://www.topspeed.com/rivian-2024-earnings-call-profit/