Rivian Automotive, Inc. / DE (RIVN) Company Report

Rivian announced its Autonomy and AI Day on December 11, where it will detail its in-house camera and sensor suite, hardware roadmap, and software trajectory for autonomous driving.
The R2 program is set for commercialized serial production in the first half of 2026, with material costs projected to be roughly half of the R1 and a base price of approximately $45,000. Production is planned to scale from one shift in 2026 to three shifts by 2027, reaching an installed capacity of 155,000 units.
The R1 program and commercial vans are now variable margin positive, with Q3 cost of goods sold per unit at roughly $96,000. The company anticipates considerable ongoing growth in its profitable software and services segment, supported by the Volkswagen joint venture and various subscriptions.
Rivian ended Q3 with $7.1 billion in cash and equivalents and expects to receive an additional $2 billion from the Volkswagen JV in 2026, along with access to a DOE loan of up to $6.6 billion for its Georgia facility. However, working capital is expected to be a drag in 2026 due to the R2 ramp.

Nov 19, 2025, 4:25 PM

Transcript

Rivian Discusses R2 Production, Financial Outlook, and Software Growth at Barclays Conference

RIVN

Product Launch

New Projects/Investments

Guidance Update

Rivian's R2 program, with a base price of approximately $45,000, is expected to have half the material cost of an R1. Manufacturing builds for R2 will begin by the end of this year, with commercial serial production slated for H1 2026.
The company plans to ramp R2 production to an installed capacity of 155,000 units across three shifts by 2027, starting with one shift in 2026 and adding a second in H2 2026.
Rivian reported $7.1 billion in cash and equivalents at the end of Q3. It expects to receive an additional $2 billion from the Volkswagen Group joint venture in 2026 and $500 million between 2027 and January 2028.
The R1 program is variable margin positive, as are the commercial vans. Rivian anticipates considerable growth in its software and services segment, supported by the Volkswagen Group JV and subscriptions.
The R2 is designed for global markets, with plans to export to Europe, benefiting from a reduction in tariffs on US-exported vehicles to Europe from 10% to 0%.

Nov 19, 2025, 4:25 PM

Transcript

Rivian Details R2 Production, Financial Outlook, and Software Growth

RIVN

Product Launch

New Projects/Investments

Guidance Update

Rivian will host an Autonomy and AI Day on December 11 to showcase its progress in autonomous programs, future hardware roadmap, and software trajectory.
The R1 program is now variable margin positive, and commercial vans have been variable margin positive for some time, benefiting from renegotiated costs and next-generation technologies.
The upcoming R2 program is projected to have roughly half the material cost of an R1 and a base price of approximately $45,000. Commercialized serial production is expected in the first half of 2026, with an installed capacity of 155,000 units across three shifts.
Rivian anticipates considerable ongoing growth in its software and services segment, driven by its joint venture with Volkswagen and subscription offerings, which is a key component for achieving EBITDA positive.
The company ended Q3 with $7.1 billion in cash and equivalents and expects to receive an additional $2.5 billion from the Volkswagen joint venture by early 2028. A working capital drag is expected in 2026 due to the R2 ramp.

Nov 19, 2025, 4:25 PM

Transcript

Volkswagen revises India EV investment and strategy

RIVN

New Projects/Investments

M&A

Volkswagen has reduced its electric vehicle (EV) investment in India from $1 billion to $700 million.
The company is actively seeking a local partner to share costs and risks, following the collapse of previous talks with Mahindra & Mahindra.
This strategic recalibration aims to accelerate localization, improve competitiveness, and adapt to India's price-sensitive market, with plans to launch its first India-specific EV around 2028.
The investment reduction reflects broader global investment caution and the need to secure a reliable Indian partner for internal approvals and additional funding.

Nov 19, 2025, 2:45 AM

Bloomberg

Rivian and Volkswagen JV Develops EV Tech, Plans Sales

RIVN

New Projects/Investments

Product Launch

Volkswagen AG and Rivian Automotive Inc. have formed a joint venture, RV Tech, to develop advanced electric vehicle (EV) electrical and software platforms. Volkswagen has committed up to $5.8 billion in investment by 2027 as part of this partnership.
The joint venture's technology, the Scalable Systems Platform (SSP), is designed to be scalable across multiple brands and vehicle segments, with Volkswagen's ID.1 expected to launch in 2027 and Rivian's R2 SUV in the first half of next year.
RV Tech currently employs over 1,500 people across the US, Europe, and Canada, and the companies intend to sell the developed technology to other automakers in the future.

Nov 12, 2025, 12:05 PM

Bloomberg

Rivian Automotive, Inc. Announces New CEO Compensation Structure

RIVN

Executive Compensation

New Projects/Investments

Rivian Automotive, Inc. granted its CEO, Dr. Robert J. Scaringe, a new 2025 CEO Award on November 6, 2025, consisting of an option to purchase up to 36,500,000 shares of Class A Common Stock, which replaces a previously disclosed 2021 award.
The award has an exercise price of $15.22 per share and is entirely at-risk, vesting upon the achievement of rigorous performance goals including stock price hurdles ranging from $40 to $140 for up to 22,000,000 shares, and full-year adjusted operating income and cash flow from operations targets for up to 7,250,000 shares each.
Vesting of the options tied to stock price under the 2025 CEO Award could reflect nearly $153 billion in incremental stockholder value.
Additionally, Dr. Scaringe's annual base salary was increased from $1,000,000 to $2,000,000, and he received a Profits Interest Award of 1,000,000 common units in Mind Robotics, LLC, providing up to a 10% economic interest.

Nov 7, 2025, 9:01 PM

8-K

Rivian Reports Q3 2025 Results and Reaffirms 2025 Guidance

RIVN

Earnings

Guidance Update

Product Launch

Rivian reported Q3 2025 consolidated revenues of $1.6 billion and a consolidated gross profit of $24 million, with Adjusted EBITDA losses of $602 million.
The company reaffirmed its 2025 delivery guidance of 41,500-43,500 units and Adjusted EBITDA loss guidance of $2 billion-$2.25 billion, expecting full-year 2025 gross profit to be roughly break-even.
Progress on the R2 launch includes manufacturing validation builds by year-end, with salable builds and deliveries planned for the first half of 2026, ramping up in the second half.
Total annual plant capacity at the Normal facility has increased to 215,000 units, and a new Georgia facility is expected to add 400,000 annual units of capacity for R2, R3, and variants.
Rivian expects to receive an additional $2.5 billion in capital from its Volkswagen Group joint venture, with $2 billion anticipated in 2026.

Nov 4, 2025, 10:00 PM

Transcript

Rivian Reports Q3 2025 Results, Reaffirms 2025 Guidance, and Provides R2 Production Updates

RIVN

Earnings

Guidance Update

New Projects/Investments

Rivian reported Q3 2025 consolidated revenues of $1.6 billion and a gross profit of $24 million, with Adjusted EBITDA losses of $602 million. The company reaffirmed its 2025 delivery guidance of 41,500-43,500 units and expects full-year 2025 gross profit to be roughly break-even.
In Q3 2025, Rivian produced 10,720 vehicles and delivered 13,201 vehicles. The Normal plant's annual capacity will increase to 215,000 units, and the new Georgia facility is expected to add 400,000 annual units for R2, R3, and variants.
R2 manufacturing validation builds are set to begin year-end. The company expects to receive up to $2.5 billion from its Volkswagen Group joint venture, with $2 billion in 2026 , and is pursuing an up to $6.6 billion Department of Energy loan for its Georgia facility.
The cost of goods sold per unit delivered in Q3 2025 was approximately $96.3 thousand. Tariff impact, which was just under $2,000 per vehicle in Q3, is expected to reduce to a few hundred dollars per unit for new builds going forward.

Nov 4, 2025, 10:00 PM

Transcript

Rivian Reports Q3 2025 Results, Reaffirms 2025 Guidance, and Details R2 Progress

RIVN

Earnings

Guidance Update

Product Launch

Rivian reported Q3 2025 consolidated revenues of approximately $1.6 billion and a consolidated gross profit of $24 million, with Adjusted EBITDA losses of $602 million. The company reaffirmed its 2025 delivery guidance of 41,500-43,500 units, Adjusted EBITDA loss guidance of $2 billion-$2.25 billion, and capital expenditures guidance of $1.8 billion-$1.9 billion, expecting full-year 2025 gross profit to be roughly break-even.
Progress on the R2 program includes completing construction of the R2 body shop and general assembly building, with manufacturing validation builds expected by year-end. Updates to the paint shop will increase total annual plant capacity to 215,000 units, with 155,000 units allocated for R2. The Georgia facility groundbreaking occurred in September, which will add an additional 400,000 annual units of capacity for R2, R3, and variants.
Rivian expects to receive an additional $2.5 billion in capital from its Volkswagen Group joint venture, with $2 billion anticipated in 2026, including a $1 billion equity investment tied to successful winter testing. The company also launched Mind Robotics, an external entity focused on AI-enabled robotics for industrial applications, which raised $110 million in a seed round.
The R2 is designed to address the largest market opportunity with a starting price point of $45,000, targeting the popular five-seat SUV segment. Rivian anticipates achieving positive gross profit and positive unit economics for R2 by the end of 2026. An Autonomy and AI Day is scheduled for December 11th to detail the company's technology roadmap.

Nov 4, 2025, 10:00 PM

Transcript

Rivian Reports Third Quarter 2025 Financial Results

RIVN

Earnings

Guidance Update

New Projects/Investments

Rivian reported $1,558 million in consolidated revenues for Q3 2025, marking a 78 percent year-over-year increase, and achieved a consolidated gross profit of $24 million.
In Q3 2025, the company produced 10,720 vehicles and delivered 13,201 vehicles.
Rivian maintained its 2025 annual guidance, projecting vehicle deliveries between 41,500 and 43,500 units and an adjusted EBITDA between ($2,000) million and ($2,250) million.
The R2 platform remains on track for deliveries in the first half of 2026, with manufacturing validation builds anticipated to commence by year-end 2025.

Nov 4, 2025, 9:03 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Rivian Automotive, Inc. / DE.

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