Rivian announced Tuesday better-than-expected first-quarter results and a second consecutive quarter with gross profit per vehicle delivered. The EV also tweaked its 2025 guidance in response to President Donald Trump's tariffs. RIVN stock declined slightly at the open to Wednesday's stock market.
The EV startup reported a net loss of 41 cents per share, down from a loss of more than $1 per share a year ago. Revenue grew 3% to $1.24 billion. Before Tuesday's release, analysts expected a loss of 77 cents per share with revenue of $998 million, though the sharps consensus pegged sales at $1.016 billion, according to FactSet.
Rivian also achieved a gross profit of $206 million, its second straight quarter of gross profit. The company reported that this has "unlocked" an expected $1 billion investment from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture.
"This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track," Chief Executive RJ Scaringe said in the earnings release.
Rivian said Tuesday that it has begun "design validation builds on its prototype line" for its new R2 vehicle. The R2 production remains on track for the first half of 2026, Rivian reported Tuesday.
When it comes to tariffs, Rivian said that while it has 100% U.S. vehicle manufacturing and a majority of its bill of materials (excluding cells) coming from the U.S. or USMCA-qualified, it is "not immune to the impacts of the global trade and economic environment."
Rivian raised its 2025 capital expenditure guidance to $1.8 billion-$1.9 billion for 2025 and revised its delivery outlook to 40,000-46,000 vehicles. The company's previous outlook was for delivery range of 46,000-51,000 deliveries. Rivian delivered 51,579 in 2024.
However, the company on Tuesday maintained its outlook range for a loss of between a $1.7 billion loss to $1.9 billion loss. The EV startup also continues to expect to achieve modest positive gross profit for the full year 2025. This would be down from a loss of $2.69 billion in 2024.
Rivian in early April reported that it delivered 8,640 vehicles in Q1 and produced 14,611 vehicles at its manufacturing facility in Normal, Illinois. A year ago, the Irvine, Calif.,-based company delivered 13,588 while it produced 13,980. Rivian's Q1 outlook had been for approximately 14,000 vehicles produced and around 8,000 vehicles delivered.
Rivian spun off on March 26 its "micromobility business" into a separate entity, now known as Also. The company will focus on small, lightweight vehicles "that are designed to meet the global mobility transportation challenges of today and tomorrow," according to Rivian. Also secured a $105 million investment from venture capital fund Eclipse Ventures, Rivian reported.
AI Day This Fall
Scaringe on the Q1 earnings call late Tuesday announced the company will hold an "AI and Autonomy Day" for the fall of this year.
"Considering our broader AI work, including Rivian Autonomy, there are several product and technology advancements which we've been working on, but not yet shown or discussed. This fall, we plan to host an AI and Autonomy Day, where we'll share more of our product and our technology roadmap," Scaringe said Tuesday.
"I'm really excited to reveal more of what we're doing here," he added.
Morgan Stanley analyst Adam Jonas wrote late Tuesday that in his view "investors see more upside in Rivian as an AI-enabled autonomy 'partner' rather than an EV company."
"The next few months may prove to be consequential to determining Rivian's place in the autonomous vehicle race," Jonas added. "Rivian is one of the few 'none-Tesla' software defined, end-to-end AI-enabled autonomous vehicle platforms in the U.S. market."
Rivian Stock Performance
RIVN stock fell 0.22% to 13.46 on Wednesday. Shares edged down 0.4% to 13.50 during Tuesday's regular stock market action.
Rivian stock is above the 50-day line and 200-day moving average, after advancing more than 30% since hitting a low of 10.36 during stock market trade on April 4.
The EV startup was up 1.5% in 2025 as Tuesday's close. However, RIVN is 19% below its 2025 high of 16.65, which it hit on Jan. 3.
Rivian stock has a 21-day average true range of 6.37%. The ATR metric is available on IBD's MarketSurge charting tool. It gauges the characteristic breadth of a stock's behavior. Stocks that tend to make large jumps or dives in daily action, the kind that can trigger sell rules and shake investors out of a stock, have a high ATR. Stocks that tend to make more incremental moves have lower ATRs.
Meanwhile, Ford on Monday estimated a "tariff-related" impact of about $1.5 billion for 2025 and that it is suspending its financial guidance.
"How the customer is going to react, this is going to be very key for us. As we move into the second half of the year, we see how do they react to this potential increase in pricing that may result from these tariffs costs that the competitors and us, are encountering. And then, just – really just that whole competitive dynamic and how the competition reacts as well," Ford Chief Financial Officer Sherry House told analysts on the Q1 conference call.
Rivian stock ranks fifth in the 35-stock IBD Auto Manufacturers industry group. The stock has a 71 Composite Rating out of a best-possible 99. Shares also have an 86 Relative Strength Rating and a 43 EPS Rating.
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