Oct 2 (Reuters) – Rivian Automotive reported record third-quarter deliveries on Friday, beating analysts’ estimates after rolling out its cheaper R2 SUV targeted at a broader section of the mass EV market.
Shares of the Irvine, California-based EV maker were up about 1.4% in premarket trading.
The R2, for which deliveries began in June, is seen by analysts as critical to Rivian’s growth strategy, as the electric vehicle sector navigates a challenging US policy environment marked by the end of federal EV tax credits, tariffs and weaker industry-wide demand.
Before the R2, the EV maker’s consumer lineup featured the R1S SUV and R1T pickup truck, both positioned as premium models.
Rivian delivered a record 19,248 vehicles in the quarter ended September 30, beating analysts’ average estimate of 18,001 vehicles, according to data compiled by Visible Alpha.
The company also reaffirmed its 2026 delivery forecast of 65,000 to 70,000 vehicles, saying quarterly production and deliveries were in line with its expectations. Analysts on average estimate the EV maker will deliver 66,685 vehicles in 2026.
Rivian produced 19,751 vehicles at its manufacturing facility in Normal, Illinois, during the quarter.
The EV maker raised its annual delivery forecast in July, citing stronger-than-expected demand for the model.
It also struck a long-term partnership with Uber in March, under which the ride-hailing firm agreed to invest up to $1.25 billion in the EV maker and begin deploying fully autonomous R2 SUVs as robotaxis from 2028.
Rivian is scheduled to report third-quarter financial results on October 29.
(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Jonathan Ananda)
