Rivian ended 2024 on a strong note, delivering 51,579 electric SUVs, trucks, and vans—more than triple the number it shipped the previous year. The company also reported building 49,476 vehicles, falling about 8,000 units short of its mid-year production target due to a component shortage, which has since been resolved.

While financial results for the year won’t be released until February 20, these delivery and production numbers provide a glimpse into Rivian’s tumultuous year. Early in 2024, the company made difficult decisions, including cutting 10% of its workforce as competition and a pricing war—initiated by Tesla—intensified across the electric vehicle (EV) industry.

Rivian also revealed its upcoming R2 SUV in March, a mid-size model aimed at higher production volumes with a starting price around $45,000. Production is planned for Rivian’s factory in Normal, Illinois. Alongside the R2, Rivian introduced the R3 hatchback, which is slated for production after the R2. However, the announcement came with a setback: a delay in building its new Georgia factory. Instead, the company will expand its Normal facility to meet growing demand.

In May, Rivian launched updated versions of its R1S SUV and R1T pickup truck, simplifying designs to address its substantial financial losses. A partnership with Volkswagen Group followed in June, with Volkswagen investing $5.8 billion to modernize its portfolio using Rivian’s software and electrical architecture expertise.

The year concluded with Rivian securing a $6.6 billion loan commitment from the Biden administration to support its Georgia factory. However, this loan, along with EV tax credits, could face political challenges under the incoming Trump administration.

As Rivian looks ahead to 2025, the company is navigating a volatile landscape while striving to bring its R2 SUV into production by 2026. The coming year is poised to be another test of resilience and innovation for the EV maker.