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.

Rivian reported $170 million in positive gross profits, which includes production and sales but does not factor in other expenses, for the three-month period that ended December 3

Rivian (RIVN) hit its goal of achieving a positive gross profit in the fourth quarter. The EV maker released its fourth-quarter earnings after the market closed on Thursday. Heres