Updated version 2 - As the momentum for the R2 model continues to grow, Rivian's deliveries hit a new record high.

Updated stock price information, and added charts and analyst comments in the 6th and 9th paragraphs

Prathik Jayaprakash

Reuters, October 2 - Rivian Automotive (RIVN.O) on Friday reported a record third-quarter delivery volume, exceeding analysts’ expectations after launching the affordable R2 SUV aimed at the broader mainstream electric vehicle market.

The R2 model began deliveries in June (link), and analysts consider it critical to Rivian’s growth strategy as the electric vehicle industry faces a challenging US policy environment, marked by the end of federal EV tax credits, tariffs, and overall sluggish demand in the sector.

Prior to the launch of the R2, the EV maker's consumer lineup included the R1S SUV and R1T pickup, both positioned as high-end models.

According to Visible Alpha data, Rivian delivered a record 19,248 vehicles in the quarter ending September 30, surpassing the analysts’ average estimate of 18,001 vehicles.

However, shares of the California-based EV manufacturer fell more than 2% in early trading.

Morningstar senior equity analyst Seth Goldstein said, “The market reacted to management’s decision to maintain its full-year guidance. After such a strong third-quarter delivery, I think the market was expecting the company to raise its outlook.”

Rivian reiterated its forecast of 65,000 to 70,000 deliveries for 2026, stating that both quarterly production and deliveries were in line with expectations. Analysts on average expect the EV maker to deliver 66,685 vehicles in 2026.

The company last raised its annual delivery forecast in July (link).

Goldstein said the figures suggest the production ramp-up for Rivian’s R2 model remains on track, and output is expected to increase in the coming quarters, which will help the company meet its full-year delivery target.

During this quarter, Rivian produced 19,751 vehicles at its manufacturing facility in Normal, Illinois.

Additionally, the company reached a long-term partnership with Uber in March (link), under which the ride-hailing company agreed to invest up to $1.25 billion in the EV maker and begin deploying fully autonomous R2 SUVs as robotaxis starting in 2028.

Rivian plans to announce its third-quarter earnings on October 29.

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