Overview
- Rivian, in Thursday's earnings report, posted $1.38 billion in Q1 revenue, a net loss of $416 million, deliveries of 10,365 vehicles, and reaffirmed 2026 guidance of 62,000 to 67,000 units.
- The company renegotiated its federal loan to up to $4.5 billion with first draws expected in early 2027, and it lifted the initial Georgia plant plan to 300,000 vehicles a year with production targeted for late 2028.
- R2 midsize SUV production has started at the Normal, Illinois plant, with initial units handed to employees and customer deliveries due in the coming weeks, starting with higher‑priced trims before lower‑priced versions arrive in 2027.
- Management guided Q2 deliveries to 9,000–11,000, which implies a back‑half surge and roughly 20,000–25,000 R2 deliveries in the second half to meet the full‑year target.
- Software and services brought in about $473 million in the quarter, and partnerships deepened as Volkswagen unlocked $1 billion for a software JV and Uber began a $300 million investment tied to 10,000 R2 robotaxis with options for up to 40,000 more.