Rivian shares climbed for a ninth straight session on Tuesday morning, the EV maker’s longest winning streak in six months, as investors positioned for the start of customer deliveries of its mass-market R2 model next week.
The stock traded at $17.58 by early afternoon in New York, up about 3.7% on the day and roughly 28% over the nine-session run.
The rally lifted Rivian‘s market value to about $22.15 billion.
The stock price run is the company’s longest unbroken stretch of gains since early December 2025, when the shares also rose for nine consecutive trading days.
A Pitch to Investors
The latest leg of the rally coincides with two appearances by Chief Financial Officer Claire McDonough before investors this week.
McDonough is scheduled to take part in a fireside chat at the Baird 2026 Global Consumer, Technology and Services Conference on Tuesday at 3:45 p.m. New York time.
The CFO will appear again on Wednesday at the UBS 2026 Auto and Auto Tech Conference, in a fireside chat scheduled for 1:50 p.m.
The June 9 Catalyst
Rivian has set June 9 as the day it begins delivering the R2 to customers in the United States, the model it is counting on to move from a niche manufacturer to higher volumes.
Canadian deliveries are not planned to begin until next year.
The company said on Monday that hundreds of employees have already taken delivery of the R2, ahead of the customer launch, without disclosing a precise number.
The disclosure came days after a production R2 carrying the build number 581 was spotted outside a soon-to-open showroom, the highest R2 sequence to surface publicly and a sign the company has built inventory ahead of June 9.
The R2 starts at about $45,000 in its eventual entry form, with first deliveries beginning with a higher-priced Performance trim, and is aimed directly at premium compact electric SUVs such as the Tesla Model Y.
Rivian drew more than 68,000 reservations within 24 hours of the R2’s unveiling in March 2024.
The company is targeting 62,000 to 67,000 total deliveries this year, up from 42,247 in 2025, with the R2 ramp weighted to the second half.
On June 9, Rivian will begin sending order invitations to reservation holders in waves, with vehicles built and delivered within roughly two to six weeks of a firm order.
Invitations are weighted by reservation date and proximity to a service and demo center, with existing R1 owners tending to receive earlier timing.
Public demo drives also begin that day at Rivian Spaces, the first opportunity for non-employees to drive the model.
Recovering From a Spring Low
The nine-session run marks a sharp reversal from a slide that ran through late April and the first half of May.
Rivian shares closed as low as $12.90 on May 19, near the bottom of their 52-week range, before the current climb began.
From that level, the stock advanced in steady steps, closing at $13.73, then through the $14, $15 and $16 levels in successive sessions before passing $17 at the start of June.
At Tuesday’s level, the stock had risen about 51% from its 52-week closing low of $11.64, reached on August 6, 2025.
It remained down about 22% from its 52-week closing high of $22.45 on December 19, 2025, and down roughly 11% so far in 2026.
The shares were up about 22% from a year earlier, when they closed at $14.37 on June 3, 2025.
Measured against its history, the stock remained about 90% below its all-time closing high of $172.01, set on November 16, 2021, shortly after Rivian‘s initial public offering.
A New Largest Shareholder
The rally also follows a shift in Rivian‘s ownership, with Volkswagen overtaking Amazon as the company’s largest shareholder for the first time since the 2021 listing.
The German automaker raised its stake to 15.9% after a $1 billion share purchase that closed on April 30, part of an investment agreement of up to $5.8 billion tied to a software and electrical-architecture joint venture.
Volkswagen now holds about 209.8 million shares, bought at $15.90 each in the latest tranche, below where the stock trades today.
Amazon, which backed Rivian with a $700 million investment in 2019, has seen its holding diluted to roughly 12% as it has not added to its stake.
McDonough told investors on the first-quarter earnings call that Rivian expects to receive an additional $2 billion of capital from Volkswagen this year.
The April 30 placement also came alongside a $300 million investment from an Uber affiliate, part of a separate subscription agreement tied to a planned autonomous-vehicle program.
Volkswagen‘s stake has built in stages: an initial $1 billion convertible note in 2024 that converted to an 8.6% holding, a second $1 billion equity investment in 2025 that lifted it to about 12%, and the April tranche that pushed it to 15.9%.
The structure gives Rivian cash to extend its runway without raising equity on the open market, though each tranche dilutes existing holders.
A Cash-Intensive Ramp
The capital matters because Rivian remains deeply unprofitable as it scales toward the R2.
The company reported $1.38 billion in first-quarter revenue and a net loss of $416 million, with $119 million in gross profit.
Amazon accounted for $468 million of Rivian‘s automotive revenue in the quarter, more than half, through continued purchases of electric delivery vans.
Rivian has guided to an adjusted pre-tax loss of between $1.8 billion and $2.1 billion for 2026, which it has described as a transitional year of heavy investment ahead of the R2 ramp.
