TLDR
- Rivian delivered a record 19,248 vehicles in Q3, up 46% year-over-year.
- The figure beat Wall Street’s estimate of 18,001 vehicles.
- Shares rose about 1% in premarket trading on the news.
- Rivian reaffirmed its 2026 delivery guidance of 65,000 to 70,000 vehicles.
- The cheaper R2 SUV, which launched in June, is driving the growth.
Rivian (RIVN) stock climbed about 1% in premarket trading on Friday after the automaker posted record third-quarter deliveries. The EV maker handed over 19,248 vehicles between July and September. That’s well above the 18,001 vehicles analysts had expected.
It also marks a 46% jump from the same period last year, when Rivian delivered 13,201 vehicles. The growth comes at a tricky time for the EV industry as a whole.
Why The R2 Matters
The jump is largely down to the R2, Rivian’s smaller and cheaper SUV. Deliveries of the R2 began in June, and it’s aimed at a wider pool of buyers than the pricier R1S and R1T.
Before the R2 arrived, Rivian’s lineup was all premium. The R1S SUV and R1T pickup sit at higher price points, which limited the company’s reach.
Analysts see the R2 as central to Rivian’s next growth phase. That’s especially true now that federal EV tax credits have ended and tariffs are squeezing the sector.
Rivian also reaffirmed its full-year guidance. The company still expects to deliver between 65,000 and 70,000 vehicles in 2026.
To hit that range, Rivian needs to grow deliveries by at least 20.5% quarter-over-quarter in Q4. That would put the fourth quarter total at roughly 23,193 vehicles.
Wall Street currently forecasts Rivian will deliver 66,685 vehicles this year, according to Visible Alpha data. That sits comfortably inside the company’s own guidance range.
Production And Partnerships
At its Normal, Illinois plant, Rivian produced 19,751 vehicles during the quarter. That’s slightly ahead of what it delivered, suggesting inventory is building modestly.
This isn’t the first upgrade this year either. Rivian raised its annual delivery forecast back in July, pointing to stronger-than-expected demand for the R2.
The company has also been building out partnerships beyond just selling cars. In March, Rivian struck a long-term deal with Uber.
Under that agreement, Uber can invest up to $1.25 billion in Rivian. The plan includes deploying fully autonomous R2 SUVs as robotaxis starting in 2028.
That robotaxi angle gives Rivian a second growth story beyond direct-to-consumer sales. It’s a bet on autonomous ride-hailing becoming a real revenue stream later this decade.
For now, deliveries remain the clearest signal of how Rivian is performing. The record quarter suggests demand for the R2 is holding up despite a rougher backdrop for EVs generally.
Rivian is scheduled to report its full third-quarter financial results on October 29. That report will show whether the delivery strength is translating into improved margins and reduced cash burn.
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