RIVN Stock Rises 4% After-Hours — Rivian Says R2 Is Exceeding Internal Expectations, Attracting Former Tesla Owners And New EV Buyers

Rivian expects R2 production to scale to the end of the year after starting customer deliveries in June.

• Rivian positioned the R2 as an attractively priced option in a U.S. market still short on high-quality electric choices.
• The EV maker still expects the R2 to contribute to positive automotive gross profit by year-end, after absorbing around $100 million in extra ramp costs in the second quarter. 
• Rivian is eyeing level 4 autonomy for its R2 vehicles in the future.

Rivian Automotive began delivering its new R2 electric vehicle to customers in June and is already exceeding internal expectations, company executives said on the firm’s second-quarter earnings call Thursday.

The R2, Rivian’s latest offering, is expected to expand the company’s total addressable market thanks to its lower price point compared to its older R1 vehicles. The mid-size SUV is expected to rival Tesla’s best-selling Model Y SUV, within the same price range. However, currently available R2 versions are priced higher, and the lower-priced variants are yet to be launched.

At the time of writing, RIVN stock was trading around 4% higher after-hours.

R2 Updates

Rivian hosted a record 57,000 demo drives in the quarter, the company said. CEO RJ Scaringe said he uses an R2 as his daily driver, and customer feedback has been strong so far.

Conversion of Launch Edition reservations into orders has exceeded internal expectations. Production at Rivian’s Normal, Illinois, plant remains on a single shift for now, with a second shift planned by the end of the third quarter. The EV maker increased its full-year delivery outlook to 65,000–70,000 vehicles earlier this month, and the bulk of the increase is expected in the fourth quarter as the R2 ramp accelerates, it said.

Management described the R2 launch as smoother than the earlier R1 rollout. The vehicle is currently offered only in a single Launch Edition configuration, with mid- and base-trim versions scheduled for early 2027. Rivian still expects the R2 to contribute to positive automotive gross profit by year-end, after absorbing roughly $100 million in extra ramp costs in the second quarter and additional inefficiencies in the third.

Rivian positioned the R2 as an attractively priced option in a U.S. market still short on high-quality electric choices. Early reviews have been strong, and a notable share of initial buyers are first-time EV owners, it said, while noting that some were former Tesla or Rivian R1 users.

Rivian’s Autonomy Focus

Autonomy remains one of Rivian’s most important long-term investments as it seeks to position itself against sector heavyweight Tesla.

Development is on track to begin rolling out point-to-point capabilities by the end of 2026, the company said. Executives said the growing fleet of R2 vehicles will accelerate the data needed to deliver hands-off, eyes-off features in 2027 and ultimately Level 4 capability on both consumer and robotaxi versions of the R2. Level 4 capability implies that the vehicle can handle all driving tasks without human intervention.

Take rates for the paid Autonomy+ driver assistance service, unveiled at Rivian’s last AI Day event, have been trending positively since monetization started in April, they noted. Rivian plans another Autonomy and AI Day later this year and aims to launch its third-generation hardware—including the first in-house RAP1 silicon chip and lidar—by the end of 2026.

Rivian’s efforts towards ramping R2 and autonomy are buoyed by partnerships. The company includes Amazon.com, German automaker Volkswagen, and ride-hailing giant Uber Technologies among its partners and backers.

Q2 Numbers And Full Year Outlook

Earlier today, Rivian reported second-quarter 2026 revenue of $1.66 billion, up 27% from a year earlier, with adjusted loss per share of $0.47.

The company also improved its full-year adjusted EBITDA loss outlook slightly to $1.8–$2.0 billion, boosting investor sentiment. Shares of the company rose about 4% after hours.

How Did RIVN Retail Traders React?

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

RIVN stock has fallen 15% year-to-date.

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