Rivian Automotive shares gapped down in heavy trading Thursday after the electric-vehicle maker reported September deliveries and narrowed its full-year delivery forecast.
In an SEC filing this morning, Rivian reported it produced 10,720 vehicles in the third quarter and delivered 13,201. That's above the 12,000 deliveries analysts had modeled, according to FactSet.
But Rivian also forecast 2025 deliveries of 41,500 to 43,500. That's below the 40,000 to 46,000 that it forecast in July. That lowered the midpoint of guidance by 500 EVs, to 42,500.
Irvine, Calif.-based Rivian will announce third-quarter results on Nov. 4 after the market close. Analysts expect a loss of 73 cents a share, narrowing from 97 cents in the year-ago period. Sales are expected to climb 70.8% to $1.492 billion, per FactSet.
Analysts are mixed on the company's outlook, with eight making buy recommendations, 16 with hold ratings, and three with sell or underweight ratings.
Rivian stock is barely higher year to date, as the EV industry struggles with lackluster consumer demand. A $7,500 tax credit for EV purchases expired Tuesday.
Tesla reported record Q3 deliveries of 497,099 early Thursday, buoyed by the now-expired tax credit.
General Motors on Tuesday said it sold a record 66,501 EVs in Q3 in the U.S., but the boost is expected to be short-lived: GM said buyers rushed to buy before the tax credit ended.
GM and other automakers have scaled back EV plans. Supply-chain issues and tariffs also are dragging on automakers. Yet, Rivian is building a new plant in Georgia.
CFRA analysts Thursday cut their Rivian 2025 estimate to a loss of $2.95 per share from $2.70, citing a "material drop in EV demand beginning in the current quarter." Cash burn rates are a concern, and construction of the new plant should act as a drag on free cash flow, analysts said via FactSet.
Tesla Stock Falls Despite Record Q3 Deliveries
Rivian Stock Tumbles
Rivian stock fell 8.1% in early afternoon trading, just undercutting the 50-day line, in volume tracking more than double its average. The stock, however, continues to work on a first-stage base. If shares bounce back, a potential handle buy point lies at 16.17.
The EV company has a Composite Rating of 66, hurt by the company's losses.
Rival Lucid Group is expected to report third-quarter sales this week. Analysts polled by FactSet expect 5,000 deliveries. In Q2, Lucid produced 3,863 vehicles and delivered 3,309.
Lucid stock declined 1.1% on Thursday.
GM stock dropped 3.2%, retreating from near multiyear highs.
Tesla stock reversed from a 2025 high to fall 2.7% on Thursday.
