Rivian Shares Rise 6% After Q3 Revenue Jumps 38% on Strong R2 Deliveries

Rivian Automotive shares rose more than 6% Friday to close at $12.16 after the electric-vehicle maker reported third-quarter revenue of $2.15 billion, up 38% year over year, and vehicle deliveries up 46%, lifted by its new R2 model launched in June. The Irvine-based company narrowed its automotive gross loss to $80 million from $130 million a year earlier, citing higher delivery volumes and improved per-unit margins. It produced 19,751 vehicles at its Normal, Ill., plant and delivered 19,248 in the quarter. Rivian raised the low end of its full-year delivery guidance to 67,000 units from 65,000. CEO RJ Scaringe said the company targets positive automotive gross profit by the end of 2026. Rivian, public since 2021, has never posted a profit and lost $3.6 billion last year. The R2 currently starts at $57,990, with lower-priced versions planned for 2026 and 2027.