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We are in the midst of one of my four favorite times of year — earnings season. And it’s not just that I like numbers. These required filings cut through a lot of the marketing noise presented by companies the rest of the year. They also help me assess the short- and long-term stakes the companies face.
Rivian’s fourth-quarter and full-year earnings did precisely that. My takeaway: Software, and specifically its technology joint venture with Volkswagen Group, was the company’s savior in 2025. It will also buoy the company into 2026 (another $2 billion is expected from VW Group) as Rivian launches its most important product to date: the lower-cost R2 SUV.
The company’s earnings also provided a progress report on its bid to lower the cost of goods sold per unit. The TL;DR is that the cogs per unit for its current portfolio is still high but dropping, meaning it’s losing less on each vehicle it sells. According to Rivian, the company’s automotive cogs per unit delivered was $100,900 in 2025, down from $110,400 in 2024.
The upcoming R2, which is supposed to be considerably cheaper (both in production cost and price tag) than its flagship R1T truck and R1S SUV, will be the next big test.
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