Overview

• Rivian delivered 13,201 vehicles in the third quarter, up 32% year over year and above expectations, while production totaled 10,720 units.
• Management narrowed full-year delivery guidance to 41,500–43,500, lowering the midpoint and signaling a softer fourth quarter versus last year’s 14,183 deliveries.
• The $7,500 federal EV tax credit expired on Oct. 1 and higher tariffs on imported parts are adding cost and demand uncertainty to year-end results.
• Morgan Stanley’s Adam Jonas cautioned that 2026 could be “a pretty dreadful year for EVs” due to a demand overhang from accelerated purchases.
• Rivian’s lower-priced R2, expected to enter production in early 2026 at around $45,000, has recently been seen driving on U.S. roads.