Electric vehicle manufacturer Rivian recently announced it successfully delivered 51,579 electric SUVs, trucks, and vans to customers in 2024. That's more than triple the amount of EVs the company shipped in 2023, per a TechCrunch report.
And all those vehicles add up to a healthy profit for the company. Rivian recently reported a gross profit of $170 million for 2024.
While this news bodes well for the future of the car manufacturer — and EVs in general — there are still some growing pains for the company to work out as its vehicles grow in popularity. Rivian currently ranks third in EV sales behind Tesla and Ford in the United States, Inside Climate News reported in May.
Even though Rivian shipped more cars in 2024 than the previous year, the number of EVs the car manufacturer actually built in 2024 was lower than the company expected. InsideEVs reports Rivian, which built 49,476 EVs in 2024, originally projected to produce about 57,000 vehicles in 2024 — the same number it built in 2023. The company now reports that the component shortage is resolved.
TechCrunch reports the company had a tough start to 2024, cutting 10% of its workforce due to a "pricing war" spurred by Tesla EVs. But the company also had substantial wins, from upgrades to its existing lineup and new releases. Rivian also announced a joint venture with Volkswagen Group in June, which saw Volkswagen invest $5.8 billion into Rivian in exchange for "software and electrical architecture know-how" to help modernize Volkswagen's portfolio, per TechCrunch.
The company also secured a $6.6 billion loan commitment from the government before the close of 2024, but TechCrunch reports that the loan is already in jeopardy under President Donald Trump's leadership.
Switching to an EV is a key way drivers can lessen their environmental impact. In the U.S., the transportation sector is the single largest source of pollution heating up our planet. Unlike gas-powered vehicles, EVs produce no planet-warming air pollution when driven and don't run on dirty energy sources.
Many of the extra costs of owning a vehicle are also lowered — or eliminated — when owning an EV. Experts estimate you'll save around $1,500 annually on gas and maintenance with an EV.
The Environmental Protection Agency reports that wider adoption of EVs would also improve public health, lowering the risk of respiratory irritation, illnesses, and cancers linked to air pollution.
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