Rivian projected a surprise drop in electric vehicle deliveries for the year but said it expected to post a modest gross profit, as it slashed raw material and supply chain costs in its drive for efficiency.

The EV company expects sales to be flat in 2025, but still expects a modest profit for the year.

Rivian Automotive Inc. recorded its first-ever quarterly gross profit to close out 2024, achieving a long-held goal even as it warned that policy shifts in Washington will weigh on its electric-vehicle sales this year.