Overview
- Rivian, which reported first‑quarter results Thursday, cut its federal loan to up to $4.5 billion and moved the first draw to 2027.
- The Georgia factory’s initial capacity rises to 300,000 vehicles with production targeted for late 2028, replacing a prior two‑phase, 400,000‑unit plan.
- Q1 revenue reached about $1.38 billion with a narrower $416 million net loss as deliveries hit 10,365, and the company reaffirmed 2026 guidance of 62,000–67,000 vehicles.
- R2 midsize SUV production has begun in Normal, Illinois with employee handovers and customer deliveries expected later this spring, setting up a steep back‑half ramp that implies roughly 20,000–25,000 R2 deliveries in 2026.
- Software and services generated roughly $473 million in Q1 and partnerships with Volkswagen and Uber add funding and demand, yet free cash flow was about negative $1 billion and liquidity stood near $5.39 billion including credit lines.