Rivian Stock Rallies on Strong Q3 EV Sales — R2 Drives 46% Delivery Jump

Rivian shares surged 6% on Friday to close at US$12.16 after the Irvine-based EV maker posted its strongest quarter to date. Q3 revenue jumped 38% year-over-year to US$2.15 billion, and vehicle deliveries hit a record 19,248 units — up 46% from the same period last year, driven by the new R2 crossover.

Headline numbers

• Revenue: US$2.15 billion (up 38% YoY), including $81 million in regulatory-credit income.
• Deliveries: 19,248 vehicles (record), up 46% from 13,201 in Q3 2025. Production at the Normal, Illinois plant hit 19,751 units.
• Automotive gross loss: narrowed to US$80 million from US$130 million a year earlier, driven by higher delivery volumes and improved per-unit margin.
• Full-year guidance: raised the lower bound from 65,000 to 67,000 units (range: 67,000–70,000).
• Stock: shares had fallen more than 40% this year before the pop; the rally brought the stock back to US$12.16.

R2: the volume engine

The R2, which began customer deliveries in June, was Rivian's best-selling vehicle by volume in Q3, outselling both the R1 SUV and the electric delivery van. CEO RJ Scaringe said: "We had great results with R2 becoming our best selling vehicle by volume in the third quarter. Customer and media feedback on R2 has been exceptional."

The R2 currently starts at US$57,990 (Performance trim). A lower-priced R2 Premium is expected in late 2026 for around US$54,000, followed by an R2 Standard in 2027 at US$44,990 — a price point that will matter for Canadian buyers as the R2 arrives in the Canadian market.

What analysts are saying

"Raising the delivery guidance shows that R2 production is ramping up, and that's a good sign in the near term for Rivian," said Morningstar analyst Seth Goldstein. "I'm optimistic that Rivian will continue to drive profitability through increased R2 volumes."

Needham & Company's Chris Pierce noted: "They're closing the gap with Tesla and widening the gap with legacy automakers like GM and Ford. If they're going to have a car that has a road map to autonomy, and it retails for less than the average new car in the United States, that's a pretty positive formula."

Canadian perspective

Rivian's R2 has been on sale in Canada since mid-2026, and the company's DC fast-charging pause in Canada (announced in October) has limited the R2's practical range for road-trippers. The stock rally is a signal that Rivian's production ramp is keeping pace with demand — a positive sign for Canadian customers waiting on R2 Premium and Standard trims, which are expected to land in late 2026 and 2027 respectively.

Rivian remains unprofitable: the company has not posted a net profit since its 2021 IPO, and Q3 net loss was US$913 million (narrowed from US$1.173 billion a year earlier). Cash position stands at US$5.5 billion, with total liquidity of US$6.1 billion including revolver capacity.

Looking for EV deals, insurance, or financing? Check out our partner deals and offers.

If you found this guide helpful, use our Tesla referral link for free Supercharging credits on a new Tesla purchase or lease in Canada.