Rivian reported its fourth-quarter and full-year 2024 financial results last week, along with setting its delivery guidance for the year and highlighting its Department of Energy (DOE) loan that now appears to be up in the air.
On Thursday, Rivian announced its Q4 2024 and full-year financial results in a press release, highlighting that it achieved a gross profit of $170 million in the fourth quarter, along with posting a $729 million improvement year-over-year to adjusted EBITDA. The release also highlights the electric vehicle (EV) maker’s $6.6 billion loan for a planned factory in Georgia, though recent developments with U.S. President Donald Trump and Elon Musk’s Department of Government Efficiency have called the investment into question.
Rivian produced a total of 12,727 vehicles in Q4 and delivered 14,183, along with full-year results of 49,476 produced and 51,579 delivered. The company initially targeted a 57,000 production guidance for 2024, reducing that in October to just 47,000 to 49,000 due to supply and production issues.
Last year, Rivian and Volkswagen also announced plans to launch a closed joint venture and software-platform partnership, which the companies closed on in Q4 for about $5.8 billion. The automaker says $3.5 billion of the funding will go to Rivian over the next few years, while the first $1 billion was posted in Q2’s earnings in the form of a convertible note.
“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,” said RJ Scaringe, Rivian CEO. “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 and is expected to be approximately half that of the improved R1 bill of materials.
“I couldn’t be more excited about R2, and I believe the combination of capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian.”
You can see Rivian’s 2025 guidance below, along with its full financial results for Q4 and full-year 2024.
Credit: Rivian Credit: Rivian Credit: Rivian Credit: Rivian Credit: Rivian




READ MORE ABOUT RIVIAN: Rivian tech attracts other OEMs after VW joint venture
The news comes amidst uncertainty surrounding Rivian’s Georgia loan, due to the Trump administration’s freeze on federal loans and grants. According to statements from Georgia Governor Brian Kemp last week, it’s still not clear whether Rivian’s loan, granted under the Biden administration, will be targeted as part of the push.
“You know, they [Rivian] secured that loan at the tail end of the Biden administration, and, you know, I think there’s no secret that the Trump administration is taking a look at all those things. So I don’t really know where that stands right now,” Kemp said in a statement to WSB-TV 2 Atlanta.
It also comes after Scaringe a few weeks ago said that he wasn’t nervous about Trump’s EV policies, adding that the DOE loan had already been granted through a “legally binding agreement with the DOE,” that had been “negotiated over the last couple years” and included a wide range of conditions the automaker must meet.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
Rivian launches sales of once-exclusive van: price, specs, features
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Elon Musk
SpaceX wants to catch Starship for launch 14, Elon Musk says
Just hours after Starship Flight 13 achieved a successful soft splashdown of its upper stage in the Indian Ocean on July 24, Elon Musk announced an ambitious next step for the company’s next launch of the rocket.
“Unless we discover problems after mission data review, SpaceX will attempt to catch the ship with the tower on [the] next flight,” the SpaceX CEO posted on X on Friday.
That “next flight” is expected to be Flight 14. The plan involves returning the Starship upper stage, commonly called the “ship,” to the Starbase launch tower in Texas and catching it mid-air using the same mechanical “chopsticks” arms that have already proven themselves with the Super Heavy booster.
Unless we discover problems after mission data review, SpaceX will attempt to catch the ship with the tower on next flight
— Elon Musk (@elonmusk) July 25, 2026
A successful catch would mark the first time an orbital-class upper stage has been recovered this way, advancing SpaceX’s goal of full and rapid reusability for the entire vehicle.
SpaceX has already demonstrated the tower-catch technique multiple times with Super Heavy. The first successful catch came on Flight 5 in October 2024, when Booster 12 was plucked from the sky by the Mechazilla arms. Subsequent flights, including those involving Boosters 14 and 15, repeated the feat. Several of those recovered boosters were later inspected, refurbished, and flown again, proving the system’s viability for quick turnaround.
Traditional reusable rockets, such as SpaceX’s own Falcon 9 or Blue Origin’s New Shepard, land on legs either on land or droneships. Rocket Lab has recovered its small Electron first stages by helicopter, but those are far lighter vehicles.
SpaceX Starship just nailed something it’s never done before
The China Academy of Launch Vehicle Technology (CALT), a subsidiary of the China Aerospace Science and Technology Corp. (CASC), completed a catch of its booster on July 10. They are the only entity besides SpaceX to attempt and complete the feat.
Flight 13 provided encouraging data. The ship executed a controlled reentry, flipped, and soft-landed intact in the ocean after deploying Starlink satellites, offering the first clear post-splashdown views of an undamaged heat shield. The Super Heavy booster, meanwhile, experienced a harder splashdown in the Gulf of Mexico.
Musk has previously stressed that ship catches would only follow multiple successful soft ocean landings to minimize risk of debris over land.
If Flight 14 succeeds, SpaceX would take a major stride toward routine, rapid reuse of both stages—critical for lowering launch costs and supporting ambitious plans for lunar and Mars missions. For now, teams are reviewing the Flight 13 data. Should everything check out, the next Starship flight could deliver one of the most spectacular recoveries in aerospace history.
News
Tesla to open source Model S and Model X designs and software
In a move echoing its earlier commitment to open innovation, Tesla CEO Elon Musk announced recently that the company plans to make the design and software of its Model S and Model X fully open source.
This follows the same approach Tesla took with its original Roadster, releasing all available design, engineering, and diagnostic materials in November 2023 so that “whatever we have, you now have.”
Just as Tesla made the original Roadster design & software open source, we plan to do the same with Model S & X
— Elon Musk (@elonmusk) July 24, 2026
The Model S, introduced in 2012, was Tesla’s first mass-produced vehicle and a groundbreaking luxury electric sedan. It offered impressive range, rapid acceleration, and over-the-air software updates that redefined expectations for electric cars.
The Model X, launched in 2015, built on that foundation as a high-performance electric SUV notable for its distinctive falcon-wing doors, spacious interior, and advanced safety features. Both models served as flagships that helped establish Tesla as a leader in the EV industry and popularized long-range battery-electric vehicles.
Production of the Model S and Model X was wound down earlier in 2026, with manufacturing ending in the second quarter. Tesla redirected the Fremont factory space previously used for these vehicles toward higher-priority projects, including Optimus humanoid robots and the Cybercab autonomous vehicle.
By the time of Musk’s open-source announcement, custom orders had closed and only remaining inventory was available.
Open-sourcing the designs and software offers several clear advantages. Owners of these aging but still capable vehicles gain better access to technical documentation, diagnostic tools, and software resources, making independent repairs and modifications easier and more affordable.
Independent repair shops and third-party specialists can support the large existing fleet without relying solely on Tesla’s service network. Enthusiasts and engineers can study real-world implementations of Tesla’s battery, powertrain, and software systems, potentially accelerating broader industry progress in electric mobility.
The step aligns with Tesla’s 2014 patent pledge and its overall mission to advance sustainable transport by sharing hard-won knowledge rather than locking it behind proprietary walls.
By releasing these materials now that the models have left production, Tesla ensures continued support for its early adopters while freeing internal resources for future technologies. The open-source release of the original Roadster already enabled simulations, community projects, and deeper technical understanding.
Extending that practice to the Model S and Model X should deliver similar benefits on a larger scale, helping keep these influential vehicles relevant and repairable for years to come
News
Tesla flexes incredible Robotaxi metric that skeptics will hate
Tesla flexed one incredible Robotaxi metric during the Q2 Earnings Call that skeptics have to hate to hear. The company’s platform has already driven more than 380,000 miles of unsupervised ride-hailing across several states with no notable incidents.
During the company’s Q2 Earnings Call on Wednesday, Vice President of AI, Ashok Elluswamy, said:
“First of all, I’d like to state that the Robotaxi program has been operating extremely well. Especially in terms of safety, the program has had an impeccable safety record. We have driven more than 380,000 miles of unsupervised Robotaxi, now across six cities in two different states. We have had zero notable incidents. Any reports have been of other actors impacting us when we were stationary. I like to emphasize how safe the operation has been so far. Zero notable incidents over 380,000 miles.”
Elluswamy’s claim over Robotaxi miles is a significant milestone for Tesla in the grand scheme, especially considering this is a sizeable number of miles without any incident.
0 notable incidents across over 380,000 miles traveled by Robotaxi
— Tesla (@Tesla) July 22, 2026
Tesla’s self-driving approach is much different than that of other companies. Tesla has maintained that vision is the only thing needed to have a solid and effective self-driving suite. Many self-driving companies utilize things like LiDAR, sensors, and other elements to improve performance, but Elluswamy sent a jab at those who believe it’s needed.
“Historically, the so-called experts have always claimed that you need LiDARs, radars, HD maps, and the entire kitchen sink to drive safely. Here we show that such is not true. You can have safe, comfortable, and affordable autonomy with just cameras. This record should be a huge validation of Tesla’s entire AI approach.”
The feat of accumulating this many miles without any driver behind the wheel is impressive. The thing is, Tesla is also doing this across several different locations, with varying traffic rules, pedestrian levels, weather patterns, and other important factors.
While Tesla is not ready to roll out an unsupervised platform completely, it is a slow but steady indication that the company is well on its way to figuring things out.
The company’s attitude toward expansion is slow, safe, and controlled, and despite this huge milestone, it will still be some time until we see Tesla truly unleash unsupervised rides more aggressively.