Rivian Reports 36% Drop in Q1 Deliveries, But Retail Continues To Be Positive
Truist Securities noted that the numbers aligned with the company’s prior commentary and street estimates, although the shares could see headwinds today from Tesla reporting Q1 deliveries below estimates before market open.
Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) traded nearly 6% lower on Wednesday after the company reported a drop in delivery numbers for the first quarter of 2025.
The company delivered 8,640 vehicles in the three months through the end of March, down 36% from the 13,588 units delivered in the corresponding period last year and marking its worst quarterly delivery performance since Q1 2023, when it delivered 7,946 EVs.
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The company said that in the quarter, it produced 14,611 vehicles at its manufacturing facility in Normal, Illinois, higher than the 13,980 units produced in the first quarter of 2024.
Rivian also reaffirmed its 2025 delivery range guidance of 46,000 to 51,000 vehicles.
In February, Rivian said it expects deliveries to be about 8,000 units and production to be around 14,000 units in the first quarter. Lower commercial vehicle deliveries, seasonality, and a challenging demand environment for consumer vehicles led to a dip in delivery projection, the company stated.
It will build up on inventory ahead of its planned shutdown at its plant in Illinois in the second half of the year to prepare for the start of production of its R2 SUV, the company had said.
Truist Securities noted that the numbers aligned with the company’s prior commentary and street estimates, though the shares could see headwinds today from Tesla reporting Q1 deliveries below estimates before market open.
According to TheFly, the firm did not change its ‘Hold’ rating or $14 price target.
Production of Rivian’s R2 vehicle, priced around $45,000 in the range of Tesla’s best-selling Model Y SUV, is expected to start in the first half of 2026.
The company presently manufactures and delivers only two consumer vehicles: the R1S SUV and the R1T truck, priced around $70,000. It also sells electric delivery vans to fleet owners, such as Amazon.com Inc, priced over $83,000.
On Stocktwits, retail investor sentiment about Rivian shares dropped marginally within the ‘bullish’ territory (66/100) while message volume remained ‘high’ over the past 24 hours.
A Stocktwits user noted Rivian’s low market share as compared to Tesla.
Another, however, opined that Americans are likely to buy more of Rivian than Tesla.
Rivian shares have dropped by over 5% this year but risen by nearly 19% over the past 12 months.
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