Rivian Automotive, Inc. (NASDAQ: RIVN) today announced its first-quarter 2025 financial results. Rivian achieved a gross profit of $206 million, its second consecutive quarter of gross profit. Hitting this milestone has unlocked an expected $1 billion investment from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture - Rivian and VW Group Technology, LLC. The investment is expected to be funded on June 30, 2025.*

As previously announced, in the first quarter Rivian produced 14,611 vehicles at its manufacturing facility in Normal, Illinois and delivered 8,640 vehicles. These figures were in line with management’s guidance.

RJ Scaringe, Rivian Founder and CEO, said:

“This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track."

Rivian has continued to make good progress on the development of R2. The company has begun design validation builds on its prototype line using majority production tooling. The 1.1 million sq. ft. manufacturing expansion in Normal, Illinois is progressing rapidly and on schedule. R2 production remains on track for the first half of 2026.

While Rivian has 100 percent U.S. vehicle manufacturing and a majority of its bill of materials (excluding cells) coming from the U.S. or USMCA-qualified, Rivian is not immune to the impacts of the global trade and economic environment. The company’s guidance represents management's current view on evolving trade regulation, policies, tariffs and the overall impact these items may have on consumer sentiment and demand. As a result of these impacts, Rivian has revised its delivery outlook to 40,000 to 46,000 vehicles. Due to its strong first quarter results, Rivian is maintaining its outlook range for adj. EBITDA of a $(1,700) million loss to a $(1,900) million loss. Rivian also continues to expect to achieve modest positive gross profit for the full year 2025. In addition, due to the expected impact from tariffs, the company is raising its capital expenditure guidance to $1,800 million to $1,900 million.

2025 Guidance

In March, Rivian carried out more than 7,000 “electric joyrides” at SXSW festival in Austin, allowing participants to experience the on and off road capabilities of its vehicles. Its spaces and services centers, combined with events like SXSW, have enabled Rivian to provide over 36,000 demo drives in the first quarter of 2025.

This quarter Rivian also announced a partnership with HelloFresh which has incorporated 70 Rivian Commercial Vans into its fleet, outfitted in the company’s Factor branding. Factor is Rivian's first major fleet customer since it opened van sales more broadly earlier this year.

Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET on Tuesday, May 6, 2025. The link to the webcast and shareholder letter will be made available on the company’s Investor Relations website at rivian.com/investors. After the call, a replay will be available at rivian.com/investors for four weeks.