Overview

• Rivian reported third-quarter deliveries of 13,201 vehicles, up 32% year over year, while production totaled 10,720 units.
• Management tightened full-year delivery guidance to 41,500 to 43,500 vehicles, pointing to a softer second half and a lighter fourth quarter versus last year's 14,183 deliveries.
• The federal $7,500 EV tax credit ended on Oct. 1, a change analysts say pulled demand forward and could weigh on sales into late 2025 and parts of 2026, with Morgan Stanley warning of a difficult year for EVs.
• Rivian plans to start production of its lower-priced R2 SUV in early 2026 at an expected starting price around $45,000, supported by added capacity in Illinois and a new factory under construction in Georgia.
• The company achieved positive gross profit in late 2024 and guides for modest gross profit in 2025, yet it remains free-cash-flow negative as Wall Street debates prospects, including a bullish $21 target from Canaccord.