However, Rivian did not specify the next changes, yet Trump said during his campaign that he was inclined to find a way to eliminate the $7.500 federal EV tax credit.
Vivek Ramaswamy, a friend of Trump's administration, has also called for the clawback of a $6.6 billion loan received from the Department of Energy in order to build a plant in Georgia. Rivian’s chief financial officer Claire McDonough said in a conference call on Thursday “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,”. With the opening of this plant, around 7,500 manufacturing jobs will be opened, and Rivian is ready to take a hit as big as “hundreds of millions” of dollars related to tariffs.
RJ Scaringe, the CEO of Rivian added “We really believe, and we’re very aligned with the administration on this, that the U.S. needs to continue to be a world leader in this regard, and our investment into electronics, into software, into autonomy and AI — these are really key areas for us as a country to continue to exercise a leadership position in”.
2024 was a cost-cutting year for Rivian. The electric vehicle manufacturer laid off 10% of their employees in February and created more simplified and cheaper versions of the3ri EV flagship, including the R1T pickup and the R1S SUV models. And in this process, the company ended up changing 600 parts on those vehicles.
Those changes helped Rivian notch $170 million of positive gross profit in the last quarter of 2024, $60 million of which came from software and services. As a result, in the fourth quarter, Rivian reported $1.7 billion in revenue, a 31% increase from the same period in 2023.
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