RIVN Stock Sees Worst Day In Over 2 Years After $1.5B Offering — Now R2 Buyers Say Deliveries Have Stalled

Some R2 buyers say deliveries have stalled, citing delays in VIN matching before delivery dates are scheduled.

• RIVN stock fell 18% on Tuesday, marking its worst day in over two years after Rivian announced a $1.5 billion share offering.
• Reports of growing R2 inventory at Rivian’s Normal plant suggest production may be continuing, while logistics or quality checks slow deliveries.
• The R2 ramp is critical to Rivian’s outlook, with 20,000 to 25,000 deliveries expected this year.

Shares of Rivian Automotive (RIVN) plunged on Tuesday after the company announced a $1.5 billion stock offering, while customer reports of stalled R2 deliveries added fresh scrutiny to the EV maker’s key production ramp.

RIVN stock fell 18% on Tuesday, logging its worst day in over two years after the EV maker disclosed plans to sell 75 million Class A shares, with underwriters receiving an option to purchase up to 11.25 million additional shares. But shares traded 0.3% higher overnight late Tuesday. 

Rivian R2 Buyers Report VIN Delays 

On Monday, Rivian also issued preliminary Q2 revenue expectations of $1.55 billion to $1.65 billion, up from $1.3 billion a year earlier. The EV maker estimated cash, cash equivalents and short-term investments of $5.3 billion as of June 30, compared with $4.8 billion at the end of the first quarter. Separately, filings also showed sales by Rivian director Karen Boone and the Rivian Foundation totaling 186,668 shares worth $3.48 million. 

However, the fresh pressure on Rivian shares comes as some R2 buyers say their orders are no longer moving through the delivery pipeline. Customers posting on Rivian forums, X, and Facebook groups have pointed to delays in VIN matching, the step in which an order is assigned to a specific vehicle before a delivery date is scheduled, EV noted.

One R1T owner waiting for an R2 said 11 days had passed after receiving a VIN with “no status change or scheduled delivery date.” The buyer said the delay raised concerns that the vehicle might require post-production work. Rivian owner and content creator Chris Hilbert also said locals near the Normal, Illinois, plant told him “the R2 inventory on the lot has grown” since he filmed the factory area last week. He said he had seen a few recent VIN-assignment reports.

A growing number of vehicles at Normal would not necessarily mean production has stalled. Instead, it may suggest the opposite: R2s are being built, but the process of matching them to customers and scheduling deliveries has slowed. This would point more toward a delivery, logistics, or quality-control bottleneck than a production shutdown, EV reported.

Why The RIVN R2 Ramp Matters

R2 is key to Rivian’s move beyond premium EVs. The company expects 20,000 to 25,000 R2 deliveries this year, mostly in the second half, following 22,559 total vehicles delivered in the first six months. This makes any slowdown significant. CEO RJ Scaringe told Axios, “If R2 doesn’t go well, the whole company is not designed properly.” He has also warned that supply, not demand, is the bigger risk, citing semiconductor and memory-chip constraints.

The report adds pressure to an R2 launch already questioned over pricing, leases and missing features. Rivian marketed the SUV at around $45,000, but the first available version costs $57,990, with the entry-level model not expected until summer 2027. Some lease payments also approach or exceed $1,000 a month.

How Do Retail Traders Feel About RIVN?

On Stocktwits, retail sentiment for RIVN flipped to ‘bullish’ from ‘bearish’ levels a week ago amid a 370% jump in message volumes over the same period.

One user said, “$RIVN math doesn't seem to check out.  Oversold for this level of dilution. Picked up a few shares... probably going to regret it.”

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Another user said, “$RIVN Welp, been holding this stock for a long time. Not gonna lie, dreadful day and unnecessary but growing pains . There will be more offerings in the future, Rivian just needs to have more on the table. My conviction remains strong.”

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RIVN stock has risen 29% over the past year.

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