Rivian Shares Drop 5.1% After Beat on Adjusted Loss but R2 Demand Lacks Detail
Rivian posted a Q1 net loss of $0.33 per share versus $0.48 year-ago and a $0.54 adjusted loss vs. $0.59 expected, reaffirming 62,000-67,000 EV delivery guidance. It boosted Georgia plant capacity to 300,000 vehicles, secured a $4.5 billion DOE loan and a $1.25 billion Uber investment but omitted R2 order volumes.
1. Q1 Earnings Performance
Rivian reported a first-quarter net loss of $0.33 per share, narrowing from a $0.48 loss a year earlier, while its $0.54 adjusted loss surpassed expectations of $0.59.
2. Delivery Guidance and Factory Capacity
Management reaffirmed full-year delivery guidance of 62,000 to 67,000 EVs and said construction of the Georgia facility will start this year, boosting planned capacity from 200,000 to 300,000 vehicles annually with R2 output slated for late 2028.
3. R2 Demand Uncertainty
CEO RJ Scaringe highlighted positive feedback on the R2 SUV’s value proposition but did not provide order volume or pre-order figures, leaving investors without concrete demand metrics for the lower-priced model.
4. Funding Updates and Robotaxi Partnership
The company accepted a revised Department of Energy loan of up to $4.5 billion, down from $6.6 billion, with draws beginning in early 2027, and secured a commitment from Uber to invest up to $1.25 billion to build 50,000 R2 robotaxis in Georgia after late-2028 production begins.