Rivian Reports 19% Jump In Q1 Deliveries, Signals Steady Growth

• Rivian reported 10,365 vehicle deliveries in the first quarter, marking a 19% year-on-year increase.
• Rivian plans to roll out its R2 SUV in Q2 2026, priced around $45,000, lower than the current R1 lineup, which starts near $70,000. 
• DA Davidson upgraded RIVN to Neutral from Underperform on Wednesday, citing investor caution over R2 pricing.

Rivian Automotive, Inc. (RIVN) reported its first-quarter (Q1) production and delivery figures, showing steady progress at its Illinois manufacturing facility. 

Rivian reaffirmed the company’s commitment to its 2026 delivery guidance of 62,000 to 67,000 vehicles. 

Delivery Insights And R2 Rollout 

The electric vehicle maker delivered 10,365 vehicles during the quarter, a 19% year-on-year increase, surpassing estimates ​of 9,678, according to Visible Alpha. However, Q1 production slumped 70% to 10,236 units.

Rivian’s R2 SUV is anticipated to represent the bulk of the company’s vehicle output by the end of 2027. The SUV, priced around $45,000, is well below Rivian’s current R1 lineup, priced near $70,000. The R2 roll-out will begin in the second quarter.

On the fourth-quarter 2025 earnings call, CFO Claire McDonough noted that R2’s launch will likely weigh on automotive gross margins in Q2 and Q3 2026, despite year-over-year improvement in overall gross profit. She expects the new model to boost results by Q4 as production and deliveries ramp up.

Rivian stock traded over 1% lower on Thursday morning. On Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory amid ‘low’ message volume levels. 

DA Davidson Revises Rivian Rating And Highlights Price Concerns

On Wednesday, DA Davidson upgraded Rivian stock to Neutral from Underperform following the recent stock decline. The firm highlighted that investors reacted cautiously to the pricing of the company’s new R2 trims, which in some cases are roughly 55% higher than expected. 

DA Davidson said this pricing discrepancy poses a tangible risk to Rivian’s goal of delivering 20,000 to 25,000 R2 vehicles in 2026. According to the firm, the stock’s recent pullback reflects a "mixed-at-best investor reaction" to the higher-than-anticipated pricing.

RIVN stock has declined by over 24% year-to-date. 

Also See: VWAV Stock Gains After Landing First Revenue-Generating Drone Deal In Latin America

For updates and corrections, email newsroom[at]stocktwits[dot]com.