Rivian said on Thursday that it delivered 13,201 vehicles in the third quarter of the year, as the EV market saw a demand surge driven by the end of the $7,500 EV tax credit.
Quarterly figures rose by 23.8% from the April—June period, while jumping by 31.8% from the same period a year ago.
As it reported its second quarter financial results, the company said it expected the third quarter to be the strongest of the year, ahead of the deadline of the US federal EV tax credit on September 30.
Despite deliveries beating Wall Street expectations, the company lowered again its full-year delivery guidance to 41,500-43,500 vehicles, narrowing the previous range of 40,000-46,000.
It marks the second reduction this year, after initially targeting 46,000-51,000 deliveries in 2025.
Rivian produced 10,720 vehicles from July through September, nearly doubling from the 5,979 units produced in the second quarter.
A year ago, the company had produced 13,157, meaning production fell by 18.5% year over year.
The Irvine-based EV maker delivered 10,661 electric vehicles in the second quarter across its two markets (the US and Canada), a drop of 22.7% year over year.
In mid-September, CFO Claire McDonough reaffirmed that Rivian expects 2025 deliveries to range between 40,000 and 46,000 vehicles.
The higher end of the guidance is below the total vehicles delivered in both 2024 and 2023.
The credit was available for leasing contracts on any of the brand’s models, but most R1 model full purchases did not qualify for the tax as the final vehicle price typically exceeded the $80,000 limit.
The 2026 R1S Dual-Motor Standard variant is priced at $76,990, while the 2026 R1T pickup begins at $70,990, with a destination charge of up to $1,895 per vehicle.
Rivian’s upcoming model, the R2 SUV, would’ve been well below the threshold for the credit.
Cantor Fitzgerald analyst Andres Sheppard noted last month, after meeting with Rivian’s CFO, that “management is still targeting a starting price of ~$45,000 for the lowest trim, although we expect Rivian to first launch with a higher trim version initially.”
Production will start at the main Normal plant before being expanded to Georgia, where a new factory is currently under construction.
The plant is expected to start operations in the second half of 2027.
In an interview with CNBC, Rivian’s founder and CEO RJ Scaringe reaffirmed that the R2 will be “a global product,” with “world-class technology,” which will be produced in the US.
This technology is being co-developed by Rivian and Volkswagen Group, through their joint venture. The German group has invested in the US EV maker and will adapt its software to their vehicles.
However, according to Manager Magazin, Volkswagen employees assigned to the joint venture with Rivian have been largely sidelined in software development, as the EV maker prioritizes the launch of its R2 SUV.
Citing sources close to the legacy automaker, the local outlet reported that both companies held a critical meeting last month in Germany, amid the Munich Auto Show.
