Rivian‘s shares fell more than 4% on Tuesday morning, hitting a new six-month low at $12.65 and extending a sell-off that began after the company reported its first-quarter earnings results on April 3o.
Shares of the EV maker were trading just 27 cents above the stock’s nine-month low at the time of publication, last reached in late August 2025.
Rivian‘s stock price has now lost 44.0% of its value from a 2025 peak of $22.69, reached on December 22, when shares rallied over its inaugural AI & Autonomy Day event held at the company’s Palo Alto offices.
Since the start of 2026, the stock has traded in a wide range between $12 and $20.
The shares bottomed around $13.58 in early February, just a week before Rivian reported fourth-quarter 2025 earnings results.
The results showed the company’s first full year of positive gross profit at $144 million and a narrower net loss of $3.626 billion.
During the earnings call, Chief Financial Officer Claire McDonough also revealed that the 2026 delivery guidance — of 62,000 to 67,000 units — depended almost entirely on a near-flawless R2 production ramp.
By then, investors awaited news on the model’s launch, production and deliveries timeline.
R2 News
The recent stock drop comes as Rivian ramps up production of its R2 SUV, for which the online configurator opened last week — a month ahead of the predicted timeline, which had been reaffirmed earlier this month.
With a target of 20,000 to 25,000 R2 deliveries in 2026 — a third of all vehicle sales expected this year, despite its launch only affecting volumes in the June-December period.
Rivian is counting on the success of its midsize SUV to drive higher vehicle demand and help the company — which has burned through over $24 billion in cash — move toward profitability.
The company recently began production of the most affordable model in Normal, Illinois, where its production is based.
Illinois Governor JB Pritzker is scheduled to speak at the company’s manufacturing facility later this Tuesday, according to his office’s daily schedule.
“Governor Pritzker will deliver remarks at the Rivian R2 announcement,” the schedule says, without clarifying what type of announcement is expected.
The model debuted at the SXSW Festival in Austin on March 12, with a Dual-Motor Performance trim priced at $57,990.
Rivian, which had promised to price the R2 as low as $45,000, had already warned that the model would first launch with a higher-priced trim.
The entry-level variant is expected in late 2027.
Uber, Volkswagen
Shares recovered through March as Rivian announced the $1.25 billion Uber robotaxi deal involving up to 50,000 autonomous R2 vehicles.
At the same time, the Volkswagen joint venture completed its winter testing milestone — unlocking the $1 billion equity tranche that allowed VW to become its largest institutional shareholder, surpassing Amazon.
However, the Uber deal’s SEC filing also revealed that Rivian had quietly abandoned its 2027 profitability target, citing rising R&D costs tied to its accelerated autonomy roadmap.
The stock rallied to around $17.50 in April as the company officially started building saleable R2 units.
Q1 Earnings and Outlook
Shares slid back to roughly $14 in early May, after first-quarter earnings on April 30 showed a narrower-than-expected loss but failed to spark sustained buying.
At the same time, the company announced that the US Department of Energy (DOE) loan for the upcoming Georgia plant was trimmed to $4.5 billion from $6.57 billion, leading the company to increase the annual capacity to 300,000 vehicles.
Last week, founder and CEO RJ Scaringe told Reuters that the company is already working on upcoming trims of the model besides the first three announced in March.
The upcoming trims are scheduled for production at the Georgia facility, currently under construction. Production is not expected to begin until late 2027.
While the CEO has not confirmed a pick-up version of the model, Rivian has been granted a fifth extension for its trademark application for an R2T, according to X user and Rivian owner Chris Hilbert.
