Rivian Automotive (RIVN) is off to a great start this year, topping first-quarter delivery numbers after softer demand for its electric vehicles in 2025. However, the pickup in deliveries failed to move investors, as the U.S. EV maker’s shares fell over 1% at the start of Thursday’s regular trading.
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During the three-month period that ended on March 31, Rivian delivered 10,365 units of its vehicles, a 20% year-over-year rise that met the automaker’s projection and exceeded analysts’ estimates of 9,678 units. However, the American carmaker produced significantly fewer vehicles during the period: production at its manufacturing plant in Normal, Illinois, fell by 30% from a year ago to 10,236 units.
Looking ahead, Rivian restated confidence in its ability to deliver between 62,000 and 67,000 vehicles by the end of its ongoing fiscal year on December 31. In 2025, the Irvine, California-based company delivered 42,427 vehicles, below its forecast of 42,500 units.
Rivian Struggles to Excite Investors
The stabilizing demand for Rivian’s vehicles comes as the automaker — which remains unprofitable — recently launched its long-awaited R2 electric SUV to boost sales, as its R1T pickup truck and R1S SUV have struggled with solid demand. Some analysts see the more affordable vehicle as a direct competition to peer Tesla’s (TSLA) Model Y.
However, Rivian’s shares have collapsed by roughly 25% since the start of the year, with D.A. Davidson analyst Michael Shlisky contending that the “mixed-at-best investor reaction” to the pricing of early model versions of the R2 is a contributory factor. The base model goes for $45,000, while the Performance Launch Edition is expected to launch at $57,990.
Nonetheless, Rivian has recently marked some achievements, such as hitting a key milestone in its $5.8 billion software licensing deal with German auto giant Volkswagen (VWAGY) and clinching a $1.25 billion robotaxi deal with ride-hailing heavyweight Uber (UBER).
Is Rivian a Buy, Sell, or Hold?
On Wall Street, analysts’ consensus rating on Rivian’s shares remains a Hold. This breaks down to nine Buys, eight Holds, and five Sells issued by 22 analysts over the past three months.
However, the average RIVN price target of $17.50 implies about 18% upside.
