Overview
- Rivian delivered 9,745 vehicles in Q4 2025 and produced 10,974 at its Normal, Illinois plant, a 26.2% decline in deliveries from Q3.
- Full‑year 2025 totals reached 42,247 deliveries and 42,284 produced, down about 18% from 2024 but within the company’s revised guidance.
- Coverage links the sales slowdown to the September expiration of the federal EV tax credit alongside broader demand normalization.
- Rivian is offering near‑term incentives, including up to a $6,500 lease bonus on select R1 models and 0.99% APR for 60 months on certain trims, with approvals due by January 6 and delivery by January 31.
- Analysts diverge on the outlook, with Canaccord highlighting the planned first‑half 2026 R2 launch around $45,000 as a potential catalyst and Morgan Stanley warning of a possible 2026 demand air‑pocket as buyers await new autonomy hardware.