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 may weigh on its electric-vehicle sales this year.

Rivian forecast a modest gross profit for the year, as it managed to cut raw material and supply chain costs in its drive for efficiency. The EV maker, however, projected an unexpected drop in deliveries for the year as an uncertain economy and shifting consumer preferences temper demand for its more expensive electric pickup trucks and SUVs.