Rivian shares fell to their lowest level in more than four months on Friday, reversing an early gain after the company reported record third-quarter deliveries that beat analyst estimates.
The stock dropped as low as $13.96 in New York in the first trading hour, its lowest level since May 21. Shares of the EV maker were trading at $14.07 as of publication time, down 4.5% on the day.
It had opened 3.4% higher at $15.26 and risen as far as $15.36 before turning lower, a swing of 9.1% from the session’s high to its low.
The Beat
Rivian delivered 19,248 vehicles in the quarter and produced 19,751, and reaffirmed its 2026 delivery guidance of 65,000 to 70,000.
Deliveries were above the Visible Alpha consensus of 18,001, and production was above a consensus of 17,647, Cantor Fitzgerald said in a note obtained by Price Target.
Cantor’s own estimates were 18,228 deliveries and 19,600 vehicles produced.
The reaffirmed range compares with a consensus of 66,685 deliveries for the year and a Cantor estimate of 67,511, the note said.
The guidance implies between 23,193 and 28,193 deliveries in the fourth quarter, which would be a second consecutive record.
No Breakdown
Rivian does not disclose how many of the 19,248 vehicles were passenger models.
The figure combines the R1T pickup, the R1S and R2 SUVs and the company’s commercial vans, and Rivian has never published a split.
The closest management has come is a remark by Chief Financial Officer Claire McDonough on the first-quarter earnings call.
“We anticipate R1 combined with the commercial vans to be roughly flat relative to our 2025 delivery results,” she said, when the guidance was 62,000 to 67,000.
Rivian delivered 42,247 vehicles in 2025, before the R2 went on sale, and it has not said whether that expectation changed when it raised the range in July.
Cox Automotive estimated that Rivian sold 4,003 vans in the United States in the second quarter, about a third of that quarter’s deliveries.
Cantor Stays ‘Neutral’
Cantor kept its Neutral rating and its 12-month price target of $19, which it said were unchanged pending a full update of its model.
The target is 28.7% above Thursday’s close.
“We continue to expect R2 deliveries to materially boost customer demand,” the firm wrote, citing the model’s lower price and its autonomy features.
Among the catalysts it listed are the Autonomy and AI Day on December 9 and the launch of further R2 trims.
It named manufacturing constraints, competition, slower-than-expected customer adoption and supply-chain disruption as the main risks.
Finance Departures
The results on October 29 will be McDonough’s last as Chief Financial Officer.
She leaves on October 30 to become finance chief of GE Vernova, after nearly six years, and VP of Finance Derek Mulvey is expected to take over on an interim basis.
Jon Franklin, Rivian’s VP and Corporate Controller, has also left, he said on LinkedIn last week, a departure the company has not announced.
Cantor said it expects Rivian to pursue a permanent successor to McDonough by early next year.
The Year So Far
Rivian shares are down 28.5% in 2026, having ended last year at $19.71.
At Friday’s low they were 30.9% below the $20.20 they reached on July 6, their highest since the low in May.
They remain above their 52-week low of $12.39, set on November 4, 2025.
Rivian will report third-quarter financial results on October 29, after the market closes.
