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.

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