Rivian delivers over 10,000 EVs in the quarter
The production and delivery results for the quarter are in line with Rivian’s expectations, according to the company. The fact that deliveries exceeded production so clearly is linked to the course of the year so far: in the first quarter, Rivian built over 14,600 EVs but delivered only 8,640. This surplus has now been handed over to customers in the second quarter.
However, the drop in production at the Normal, Illinois, plant from 14,611 to 5,979 vehicles is not a reaction to inventory levels, the company stated. Production was limited in Q2 due to preparations for the 2026 model year of the two R1 models – the slightly revised vehicles are set to be unveiled later this month. It is clear, however, that Rivian was in a stronger position in Q2 2024, when it built over 9,600 and delivered nearly 13,800 vehicles.
At the half-year mark, Rivian has built 20,590 vehicles and delivered 19,301 vehicles. That means that production will need to increase in the second half of the year to reach its targets. Rivian has reiterated its delivery forecast for 2025 of between 40,000 and 46,000 vehicles.
Yet the forecast of 40,000 to 46,000 deliveries also shows that Rivian is not planning for growth – quite the opposite. When the company announced its Q1 production and delivery figures in early April, its target was still 46,000 to 51,000 vehicles. Even that was a very cautious projection: in 2024, Rivian delivered 51,579 vehicles, already anticipating a slight decline. With a lower threshold of just 40,000 vehicles, there could be a significant year-on-year decrease.
Rivian has also confirmed that it received the agreed US$1 billion payment from Volkswagen on 30 June. The payment forms part of the US$5.8 billion partnership between the two companies. Rivian had fulfilled the prerequisite for the payment by achieving two consecutive quarters of gross profit (Q4 2024 and Q1 2025). Should Rivian reach further technological milestones, VW will purchase additional Rivian shares and could become its largest shareholder with a total investment of US$3.5 billion. A further US$2.3 billion will flow into the Rivian-VW joint venture, giving Volkswagen access to Rivian’s zonal electronic architecture and software for its own EVs.
Rivian plans to announce its Q2 financial results after the US market close on 5 August.
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