Rivian's third-quarter revenue rose 38% year over year to $2.155 billion. The company says R2 is already its best-selling vehicle by volume, outselling both the R1 and its electric delivery van (EDV).
The numbers
- Production: 19,751 vehicles at Normal, Illinois.
- Deliveries: a record 19,248, up 46%.
- Automotive revenue: $1.550 billion, up 36%. Consolidated revenue included $81 million from regulatory credits.
- Software and services revenue: $605 million, up 45%. $354 million of that came from the Volkswagen Group joint venture.
- Gross profit: $176 million. The automotive segment still lost $80 million at the gross level, versus $130 million a year earlier. Rivian says the R2 ramp added about $120 million in extra cost.
- Net loss: $913 million, versus $1.173 billion a year ago.
- Cash and short-term investments: $5.502 billion. Rivian also received $1 billion in October from a 10-year term loan facility from Volkswagen Group.
Guidance and autonomy
Rivian raised the low end of its 2026 delivery guidance, from 65,000-70,000 to 67,000-70,000 vehicles. It says a limited rollout of its Point to Point driving feature, with driver supervision, should start later this year through an invitation-only early access program. A general release to Autonomy+ subscribers is expected in 2027. More details are due at its Autonomy and AI Day on Dec. 9.
Drive Tesla Canada points out that the R2 now accounts for much of Rivian's quarter-over-quarter delivery growth, a key test as the cheaper model ramps.
