Rivian builds electric consumer vehicles, notably the R1S SUV and R1T pickup, and is developing a lower-cost R2 slated for 2026. The company delivered 10,661 vehicles in Q2 and 8,640 in Q1, with Q2 representing a 23% drop from the prior-year quarter. Rivian lowered its 2025 sales target due to tariffs and trade tensions but still expects to deliver between 40,000 and 46,000 EVs this year. Management achieved a second-ever gross profit in Q1 after simplifying and redesigning the R1S and R1T, which materially cut production costs. Despite the gross-profit milestone, Rivian remains unprofitable overall and has historically burned through billions of dollars. The company is also exposed to potential policy risks if the federal EV tax credit is eliminated, which could reduce demand. Rivian is an electric vehicle manufacturer focused on consumer EVs, including its next‑generation R2 midsize SUV. The company announced plans in December 2021 for a second factory east of Atlanta intended to double production capacity with a targeted 400,000 vehicles per year. Facing a cash crunch, Rivian paused construction on the Georgia site and shifted R2 production to its Normal, Illinois plant, a move projected to save $2.25 billion. Rivian has received a conditional $6.6 billion loan commitment from the DOE’s Advanced Technology Vehicle Manufacturing Loan Program to restart the Georgia factory. The Georgia facility is expected to begin operations in 2028, will employ 7,500 people by the end of 2030, and had a $1.5 billion state incentives package tied to it. The company also secured $827 million in Illinois incentives to support R2 production at Normal; the loan follows other large federal LPO commitments for EV projects. Rivian builds electric vehicles and an in-house software stack and zonal electrical architecture that enables over‑the‑air updates and reduces vehicle wiring and ECUs. The company recently began production of next‑generation R1T and R1S models and is developing a mass‑market R2 SUV. Rivian’s new zonal architecture cut ECUs from 17 to seven and removed about 1.6 miles of wiring per vehicle, yielding a roughly 44‑pound weight savings and faster build times. Its software stack covers real‑time operating systems for vehicle control, ADAS, safety systems, and infotainment. Rivian plans a factory in Georgia and will license electrical architecture IP to partners. The company faces a challenging path as it scales products, but its shares jumped more than 49% in after‑hours trading on the news of Volkswagen’s investment. Rivian develops all-electric consumer vehicles (the R1T pickup and R1S SUV) and is building commercial delivery vans for Amazon. The company is preparing to begin production of its R1T pickup this summer and is building out its own EV charging network. Rivian is fulfilling a 100,000-vehicle order for Amazon and plans to produce those vans at its updated factory in Normal, Illinois, with first van deliveries slated for late 2021. The company has spent more than $1 billion updating and expanding the 3.5 million-square-foot factory; a pilot line is producing validation prototypes daily. Financially, Rivian recently raised a large funding round and is valued at $27.6 billion according to a person familiar with the investment. Rivian is an electric vehicle company focused on consumer pickup and SUV models plus commercial delivery vans. Its core products mentioned are the RT1 pickup and the R1S SUV. The company also plans to produce purpose-built delivery vans for Amazon. Rivian raised $2.5 billion to push those vehicle programs forward. The funding is intended to accelerate bringing the RT1, R1S and the Amazon delivery vans to market in 2021. The article does not include operating metrics such as revenue or user data.

Total raised

$10.0B

Funding rounds

9

Latest round

Equity

Latest activity

Jan 2021