Rivian's Q3 revenue beats estimates on R2 model demand; raises 2026 guidance for car deliveries
Overview
US electric vehicle maker's Q3 revenue rose 38% yr/yr, beating analyst expectations
Company delivered 19,248 vehicles in Q3, up 46% yr/yr, led by R2 model
Rivian raised 2026 guidance for deliveries and adjusted EBITDA after strong Q3 performance
Outlook
Rivian raises 2026 delivery guidance to 67,000–70,000 vehicles from 65,000–70,000
Company now expects 2026 adjusted EBITDA of $(1.85) bln to $(1.75) bln
2026 capital expenditures forecast lowered to $1.40 bln–$1.50 bln from prior midpoint
Result Drivers
R2 MODEL - Company said surge in deliveries was driven by R2, now its best-selling vehicle by volume
REGULATORY CREDITS - Revenue benefited from $81 mln in regulatory credits, including $80 mln in automotive segment
SOFTWARE AND SERVICES GROWTH - Software and services revenue rose 45% yr/yr, helped by joint venture with Volkswagen and Autonomy+
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $2.16 bln | $1.98 bln (20 Analysts) |
Q3 Operating Expenses | $1.06 bln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 15 "strong buy" or "buy", 8 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the auto & truck manufacturers peer group is "buy."
Wall Street's median 12-month price target for Rivian Automotive, Inc. is $18.00, about 54.2% above its October 28 closing price of $11.67
Reuters Recommended Reads
Oct 29 - Volkswagen posts deepest loss since Dieselgate on Porsche writedown, China woes
Oct 29 - Hyundai Motor reports 5.5% rise in Q3 operating profit, beats forecasts
Oct 28 - Ford’s third-quarter core profit ticks higher despite rising commodity costs
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)