Rivian Automotive Inc. makes good on its promise to get to its first quarterly gross profit and blows past Wall Street estimates for its sales.

Startup Rivian Automotive hit a milestone Thursday, reporting its first quarter of gross profit. The hitch: Much of it was driven by sales of regulatory credits to other automakers, rather than electric-vehicle sales.

Key Takeaways Rivian Automotive predicted 2025 deliveries below analysts' estimates.Like electric truckmaker Nikola, which filed for bankruptcy this week, Rivian warned about a challenging environment for EV manufacturers.