Rivian reported Q1 revenue of $1.38 billion, exceeding the $1.37B consensus, and narrowed its loss to $0.33 per share versus an anticipated $0.60. Production totaled 10,236 vehicles with 10,365 deliveries and the company achieved a third consecutive quarter of positive gross profit at $119 million despite a $62 million loss in its automotive segment.

Saleable production of the R2 SUV commenced at the Normal, Illinois facility, initiating delivery to employees and preparing for external customer shipments in coming weeks. Management expects higher R2 volumes to improve fixed cost absorption and drive meaningful reductions in cost of goods sold.

Rivian secured a $1 billion equity investment from Volkswagen Group following joint-venture testing of its vehicle architecture and struck a deal with Uber for up to $1.25 billion in vehicle commitments through 2031. These agreements bolster the company’s cash runway and support long-term autonomous vehicle development.

Plans for the Georgia assembly plant were revised to expand opening capacity to 300,000 units per year while trimming the Department of Energy loan commitment from $6.6 billion to $4.5 billion. The first DOE funds are now scheduled for early 2027, although initial vehicle production remains targeted for late 2027.