Rivian Slashes Full-Year Delivery Guidance Amid Uncertainty Related To Federal EV Tax Credit Expiry

Rivian Automotive, Inc. (RIVN) on Thursday said that it delivered 13,201 vehicles in the three months through the end of September, up from the 10,018 deliveries reported in the corresponding quarter of 2024.

The company also slashed its full-year delivery guidance to 41,500 to 43,500 vehicles from its previous forecast of between 40,000 and 46,000 cars, as EV demand is expected to dwindle following the expiry of the federal tax credit on the purchase of EVs on Sept. 30. Shares of the company fell 7% on Thursday morning at the time of writing.

On Stocktwits, the retail sentiment around RIVN stock fell from ‘neutral’ to ‘bearish’ territory over the past 24 hours, while message volume fell from ‘normal’ to ‘low’ levels.

The company also stated on Thursday that it produced 10,720 vehicles at its manufacturing facility in Normal, Illinois, during the quarter, down from the 13,157 manufactured in the corresponding period of 2024. The Normal facility is now Rivian’s only functioning manufacturing facility. Last month, the company broke ground on its Georgia facility, which could eventually produce 400,000 vehicles per year. Production at the facility is slated to start in 2028.

Rivian is now ramping up for the launch of the R2 SUV in 2026. The midsize version is expected to launch in the first half of 2026 and is projected to have a price tag of $45,000. Rivian plans to manufacture validation builds of the vehicle later this year at its Illinois facility, which has the capacity to produce up to 215,000 vehicles annually. The company said the Georgia plant will provide additional capacity for the program.

Currently, the company’s lineup in the U.S. comprises its R1T truck, R1S SUV, and electric delivery vans, with Amazon.com being the primary buyer.  

RIVN stock is up by 3% this year and by 28% over the past 12 months. 

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Editor's Note: The story has been updated to reflect the accurate delivery figure in the third quarter of 2024.

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