Rivian shares have fallen for nine consecutive trading sessions, the longest losing streak since a 12-day decline in late December 2022.
The selloff has erased roughly $5.5 billion in market value and driven shares down in 17 of the past 18 sessions.
It follows a sharp rally that saw the stock nearly double between early November and mid-December to a new two year high of $22.69.
The retreat began shortly after Rivian reported full-year 2025 deliveries of 42,284 vehicles, down 18% from 2024 and below 2023 levels.
Full-year 2025 deliveries totaled 42,284 units, down 18% from 51,579 in 2024.
While the company met its guidance, the target had been lowered twice throughout the year, with the EV maker delivering fewer vehicles than in 2023 despite increased sales, charging and service network, and a higher brand awareness.
Where R U R2?
Adding to the pressure, shareholders are still waiting for pricing, trim, and range details on the highly anticipated R2 crossover.
Chief Executive Officer RJ Scaringe said late last year that the company would hold a dedicated event to unveil the R2’s full trims and features, but as of Wednesday morning no date has been announced.
The CEO said in November that the SUV will launch with a Dual Motor model without disclosing further details.
Rivian has already built its first production units of the model at its Normal, Illinois plant, marking the last step before final production begins.
Rivian x VW Group
Separately, German media has recently reported that Volkswagen Group has assembled a task force over delays in its (up to) $5.8 billion joint venture with Rivian have added to the negative sentiment, raising questions about the partnership’s progress.
In a recent interview, Scaringe highlighted the relevance of the joint venture with the world’s largest automaker by volume — without mentioning any delays or hurdles.
Rivian shares closed at $14.41 on February 3, down 28% year-to-date and at its lowest level since early November.
On a domestic sales basis, Motor Intelligence data showed on Tuesday that Rivian registered just 2,516 vehicles in the US in January, a 18% decline from a year earlier and the lowest monthly figure in three years.
Wedbush maintained its Outperform rating in December and raised its price target to $25 as the shares were reaching a new two year high.
Baird upgraded the stock to Outperform, citing the R2’s potential to broaden Rivian’s customer base.
Shares traded at $14.22 in pre-market on Wednesday, down 0.2%.
The stock now sits just above a long-term rising trendline dating back to its April 2024 all-time low of $8.26.
Since its all time high of $179.47 reached a few days after the IPO, the stock has plummeted by 92.0%.
