The electric vehicle maker said R2 deliveries will start this spring, beginning with the R2 Performance with Launch Package (starting at $57,990), followed by additional premium configurations in late 2026 and standard configurations in 2027 with a starting price of $46,495. The R2 lineup will offer up to 656 horsepower, 0–60 mph in as quick as 3.6 seconds, while offering a Rivian-estimated range of up to 345 miles. Standard features will include a native NACS charging port and Autonomy+ hardware.

“R2 embodies so many of our learnings that we have accumulated—the passion and attention to detail from our team is visible everywhere,” highlighted Rivian (RIVN) CEO RJ Scaringe.

Benchmark Capital sees the R2 launch as a positive for Rivian (RIVN). “We view the event as an important demand signal and proof point for manufacturing execution,” updated analyst Mickey Legg.

In Car and Driver’s review of the R2, the model was noted to have more rear-seat space than rivals such as the Ford (F) Mustang Mach-E and the Tesla (TSLA) Model Y. The model was also said to have reasonable off-roading abilities.

Rivian (RIVN) plans to show off the model at the SXSW festival in Austin, Texas, today.

Shares of Rivian (RIVN) were down 3.5% in late morning trading.

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Mind Robotics was formed in 2025 as an industrial AI and robotics spinoff from Rivian Automotive (RIVN) to apply physical AI and robotics to manufacturing and other industrial operations. Rivian Automotive (RIVN) still holds an undisclosed stake in the California-based company.

The goal for Mind Robotics’ AI-powered robots is that they can perform physical work in Rivian (RIVN) automotive plants and other factories. The expectation is that the robots will help with manufacturing by picking up parts, assembling components, and manipulating items such as wiring harnesses.

Rivian (RIVN) has assisted Mind Robotics by training the AI in the robots by using data from thousands of cameras inside its factories. “Our focus is to deploy robots doing real work — doing real jobs,” noted Mind Robotics Chairman RJ Scaringe, who is also Rivian’s (RIVN) CEO.

Shares of Rivian Automotive (RIVN) were down 0.8% in Wednesday morning trading. The EV stock is down more than 16% on a year-to-date basis.

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Earlier guidance framed the R2 as Rivian’s (RIVN) mass-market mid-size SUV positioned below the R1. The R2 itself is a two-row, five-seat mid-size SUV built on a new structural battery pack with cylindrical cells and offered with single-motor rear drive plus dual- and tri-motor all-wheel-drive configurations, with Rivian citing sub-3-second 0–60 mph capability. Pricing is expected to be competitive with electric SUVs like the Tesla (TSLA) Model Y, Hyundai (HYMTF) Ioniq 5, and Ford (F) Mach-E.

Rivian (RIVN) has suggested that it expects total R2 deliveries in the mid‑tens of thousands. The first customer deliveries are expected to be made in June.

Ahead of the R2 launch, Morgan Stanley analyst Andrew Percoco noted that the vehicle will be key in driving scale and profitability for the electric vehicle maker. The firm remains cautious on near-term demand for Rivian (RIVN) but sees it as fairly well positioned to gain share once Gen 3 hardware and autonomy have been integrated into the vehicle.

Notably, Rivian is now inviting people to “meet the full lineup” at SXSW on March 12 in an indication that other models could be revealed.

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Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

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Here are some of the key takeaways from recent conference calls with executives from GM (GM), Ford (F), Toyota (TM), Tesla (TSLA), Rivian (RIVN) and Mercedes-Benz (MBGAF).

Key Takeaways

Across these earnings calls, several consistent themes emerged regarding EV affordability and consumer demand:

1. The $35,000-$50,000 price point is critical: Multiple automakers identified this range as essential for mass-market EV adoption, with Rivian and Ford specifically targeting this segment.

2. Market has fewer affordable EV options than anticipated: Despite years of EV development, executives acknowledged a surprising lack of compelling choices at accessible price points compared to ICE (internal combustion engine) alternatives.

3. Consumer demand softened but remains present: While near-term demand has moderated, particularly following policy changes like the elimination of tax credits, automakers remain confident in long-term EV adoption.

4. Cost reduction is paramount: All companies emphasized ongoing efforts to reduce battery costs, manufacturing expenses, and overall vehicle costs to achieve profitability at lower price points.

5. Regional variation in adoption: Consumer preferences for EVs differ significantly across markets, requiring flexible powertrain strategies rather than an all-EV approach.

Direct Quotes from Industry Leaders

Below are some specific quotes from executives at the automakers:

• “Five years ago, we definitely, totally overestimated the speed with which customers would be willing to switch over to electric mobility. And we also overestimated their desire for having a completely differentiated design for their electric vehicle.”— Harald Wilhelm, Mercedes-Benz Head of Finance & Controlling

• “Adoption towards electrification in the 150-plus markets that we serve around the world is not the same everywhere. And it is clear to us that for the foreseeable future, minimum the next 10 years, probably a little bit longer; it will be in all of the above scenario.”— Ola Kallenius, Mercedes-Benz CEO

• “We continue to believe in EVs and our portfolio brought almost 100,000 new customers to GM last year. We know EV drivers don’t often go back to ICE, so we’ll continue executing our plan to dramatically reduce costs and to be well positioned for the future.”— Mary Barra, GM CEO

• “During the third and fourth quarters, we reassessed our EV capacity and manufacturing footprint to better align with softer-than-expected consumer demand, particularly in light of recent U.S. government policy changes, including the termination of certain consumer tax incentives.”— Paul Jacobson, GM Executive VP & CFO

• “One of the things that’s often overlooked around EVs is that there is a surprising lack of high-quality choices at prices around or below $50,000 for a new vehicle in the United States, there are only a few compelling EV choices as compared to hundreds of internal combustion or hybrid options that have a wide range of form factors and design aesthetics.”— Robert Scaringe, Rivian CEO

• “From the lens of the customer, if you want to buy a midsized SUV with robust technology, autonomous capabilities and a reasonable price point, you’ve really only got one choice, and it’s been that way for a long time. This is a reflection of a market that’s being underserved. We believe R2 is going to change that.”— Robert Scaringe, Rivian CEO

• “We dealt decisively with the reality of the market and shifted our focus of our EV business to a high-volume, affordable end of the market.”— James Farley, Ford CEO

• “We believe this platform localized in LAP will hit the majority of profitable EVs sold in the U.S., which are $35,000 EVs, high volume. Tesla has shown that they could – we can make money in that market even without subsidy from the government at the right cost level.”— James Farley, Ford CEO

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For 2026, Rivian guided to a sizable step-up in deliveries to a range of 62K to 67K and framed the year as an investment and ramp period that is intended to set up higher volume, as well as more software profitability in subsequent years.

Wedbush Securities kept an Outperform rating and $25 price target on Rivian (RIVN) after taking in the report. “We continue to remain confident in the long-term vision that RIVN is amid a massive transformation while looking to optimize its R1 production and further preparing to ramp its R2 and midsize platform supply chains starting in FY26,” updated analyst Dan Ives.

Needham sees 2026 as a transitional year for the electric vehicle maker. “While near-term financials remain pressured by higher autonomy R&D and launch-related costs, the improving unit economics, strong software & services growth tied to the Volkswagen JV, and positive early R2 reviews support confidence in the longer-term margin trajectory,” highlighted analyst Chris Pierce.

Meanwhile, Mizuho Securities kept its bearish stance on Rivian (RIVN) by reiterating an Underweight rating. The firm thinks the EV sector as a whole remains in a challenging position.

Shares of Rivian Automotive (RIVN) were up 18.4% at 9:59 a.m. to $16.67, which is in the middle of the 52-week range of $10.36 to $22.69.

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Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• Corsair Gaming (CRSR) +22% – Shares jumped after posting a solid Q4 beat, with non-GAAP EPS of $0.43 topping estimates by $0.16 and revenue rising 5.6% Y/Y to $436.9M, also ahead of expectations. While FY2026 revenue guidance came in below consensus ($1.33B–$1.47B vs. $1.58B), EPS guidance was broadly in line to higher, supported by expected double-digit growth in Gamer and Creator Peripherals, partially offset by a cautious outlook for Gaming Components amid global semiconductor constraints. Sentiment was further boosted by Corsair’s first-ever $50M share repurchase authorization.
• Rivian Automotive (RIVN) +18% – Shares surged after reporting Q4 results and outlining its 2026 outlook, with investors looking past weaker automotive revenue, down 45% Y/Y due to lower regulatory credit sales, softer deliveries after tax credit expirations, and a lower ASP mix, and focusing instead on strong momentum in software and services, where revenue jumped 109% on contributions from its Volkswagen joint venture and higher service-related sales. While Q4 deliveries of 9,745 slightly missed consensus, Rivian said results were in line with internal expectations and guided to a meaningful pickup in 2026 deliveries of 62K–67K vehicles, alongside adjusted EBITDA of -$2.1B to -$1.8B and capex of about $2B.
• Applied Materials (AMAT) +13% – Shares advanced after delivering FQ1 results and guidance that beat expectations, driven by accelerating AI-related chip investments. Management highlighted strong demand for leading-edge logic, high-bandwidth memory, and advanced packaging, areas where Applied is a market leader, and guided for FQ2 revenue of $7.15B–$8.15B and adjusted EPS of $2.44–$2.84, both comfortably ahead of Wall Street estimates.
• Roku (ROKU) +13% – Shares rose after crushing Q4 earnings estimates and issuing upbeat 2026 guidance. The streaming platform provider reported Q4 adjusted EPS of $0.53, nearly double the expectations, on revenue of $1.38B (+16% Y/Y), which came in line. Strength was driven by platform revenue growth of 18% Y/Y, while management guided Q1 2026 revenue of $1.2B and full-year 2026 revenue of $5.5B, both ahead of consensus.

Biggest stock losers

• Pinterest (PINS) -19% – Shares plunged after reporting weaker-than-expected Q4 results and issuing a soft Q1 2026 outlook. The company guided revenue in the range of $951M–$971M, missing the $981M consensus, implying 11%–14% Y/Y growth that includes a ~3-point FX tailwind. The company also forecast Q1 adjusted EBITDA of $166M–$186M.
• DraftKings (DKNG) -15% – Shares sank after reporting mixed Q4 results and issuing FY2026 guidance that fell short of expectations. Q4 revenue rose 43.2% Y/Y to $1.99B, supported by strong customer engagement, efficient new customer acquisition, and higher sportsbook net revenue margins. Monthly unique paying customers were flat Y/Y at 4.8M, while average revenue per MUP jumped 43% to $143, driven by improved margins across both sportsbook and iGaming. DraftKings guided FY2026 revenue to $6.5B–$6.9B (midpoint $6.7B), well below the $7.3B consensus, overshadowing the solid quarterly performance.

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Management View

• CEO Robert Scaringe highlighted that “2025 was a year focused on execution at Rivian as we laid the foundations for scaling our business” and underscored the R1S’s market position, stating it was “the best-selling premium electric vehicle priced above $70,000 in California, New York, New Jersey, Oregon, Virginia and Washington, D.C.” He announced the upcoming R2 mass market vehicle, emphasizing its competitive positioning: “R2 is an extension of the experience we delivered in R1 with design elements and performance to inspire adventure, but in a smaller form factor and importantly, at an attractive lower price point.” The R2 Launch Edition will feature “a dual motor all-wheel drive setup that provides more than 650 horsepower and over 300 miles of range.”
• Scaringe discussed Rivian’s AI and autonomy initiatives, referencing the unveiling of RAP1, the company’s own chip, and the recent release of universal hands-free capabilities, with customer utilization doubling post-launch. He indicated significant progress with Volkswagen Group, noting, “We have delivered vehicles for winter testing for multiple Volkswagen Group brands, 13 months after the formation of the joint venture.”
• CFO Claire McDonough stated, “On a full year-over-year basis, we delivered nearly $5,500 of improvement in average sales price” and achieved an “approximately $9,500 improvement in automotive cost of goods sold per unit.” She reported “greater than $1.3 billion of improvement in full year gross profit, making 2025 our first full year of positive gross profit.” Additionally, she noted, “Adjusted EBITDA losses for the fourth quarter were negative $465 million, $137 million improvement from Q3 2025.”

Outlook

• Rivian expects to deliver “between 62,000 and 67,000 total vehicles across R1, R2 and our commercial vans” in 2026. McDonough detailed, “We expect total deliveries of approximately 9,000 to 11,000 per quarter in the first half of 2026. We plan to start production of the R2 launch variant with a single shift and expect to add a second shift towards the end of the year.”
• The company anticipates, “our gross profit will increase year-over-year,” though “the complexity of a new vehicle launch to negatively impact our automotive gross profit in the second and third quarters before becoming a benefit to our overall operations in the fourth quarter as we ramp production and deliveries.”
• For 2026, Rivian projects an “adjusted EBITDA loss of between $2.1 billion and $1.8 billion” and capital expenditures of “$1.95 billion to $2.05 billion.”

Financial Results

• Consolidated revenues for the fourth quarter were reported as “$1.3 billion.” Consolidated gross profit totaled “$120 million,” with a gross profit margin of “9%.” Gross profit included “$108 million of depreciation and $26 million of stock-based compensation expense.”
• The Automotive segment produced “10,974 vehicles and delivered 9,745 vehicles,” generating “$839 million of automotive revenue” and an automotive gross profit of “negative $59 million, a $71 million improvement from Q3 2025.”
• The Software and Services segment achieved “$447 million of revenue and $179 million of gross profit,” with “$273 million or approximately 60% of software and services revenue” attributable to the Volkswagen Group joint venture.
• The company ended the year with “$6.1 billion of cash, cash equivalents and short-term investments” and expects an additional “$2 billion of capital as part of our joint venture with the Volkswagen Group” in 2026.

Q&A

• Emmanuel Rosner, Wolfe Research: Questioned the cadence of vehicle deliveries and R2’s contribution. McDonough explained, “we expect first deliveries to begin for R2 in the second quarter…the number of deliveries will be rather small as you think about the Q2 impact of R2…as we get into the second half of the year, we expect to see the continuation of the ramp of R2.”
• Dan Levy, Barclays: Asked about demand for R2 and the impact of ADAS platform updates. Scaringe expressed confidence in demand: “there’s going to be a large demand backlog…we’re incredibly bullish on [R2].” On the ADAS platform, Scaringe said, “the short period that we have where we’ll be launching with essentially an upgraded version of our Gen 2 autonomy stack before our Gen 3 autonomy stack comes — we don’t think that’s going to be a significant issue.”
• Ben Kallo, Baird: Inquired about Volkswagen joint venture revenue and capital needs. McDonough responded, “we anticipate seeing that we’ll approach about 60% year-over-year growth in our software and services business, and it will be a significant driver of our gross profit outlook.”
• George Gianarikas, Canaccord: Asked about production bottlenecks for R2. Scaringe noted, “ramping our supply base is something that we’re very focused on and planning around. You can only ramp as fast as your slowest part.”
• Mark Delaney, Goldman Sachs: Asked about COGS improvement. McDonough stated, “we were able to deliver $92,000 of COGS per unit, and that was about a $4,000 per unit improvement relative to the third quarter.”

Sentiment Analysis

• Analyst questions focused on production cadence, demand for R2, partnership revenues, supply chain constraints, and cost controls, with a generally positive but probing tone, especially around execution risk for the R2 launch and financial targets.
• Management maintained a confident and optimistic tone during both prepared remarks and Q&A, repeatedly emphasizing “confidence in the opportunity ahead” and describing R2 as a “game changer.” The tone was more assertive and forward-looking than the previous quarter, with fewer references to uncertainty.
• Compared to the previous quarter, analysts remained constructive but pressed more on production logistics, demand conversion, and the impact of new technology launches on financial outcomes.

Quarter-over-Quarter Comparison

• The current quarter featured more concrete guidance for 2026 deliveries (62,000 to 67,000 vehicles) and the upcoming R2 launch, whereas the previous quarter focused on preparations and validation milestones for R2.
• Management tone shifted to greater confidence, with explicit references to positive gross profit for the full year and strong cash position, compared to a more cautious stance previously around trade, tariffs, and regulatory uncertainty.
• Analysts’ focus moved from concerns about regulatory credits and battery sourcing to supply chain ramp, demand conversion for R2, and the scalability of the Volkswagen partnership.
• The financial outlook included improved cost metrics, positive gross profit for the full year, and narrowed adjusted EBITDA loss guidance for 2026.

Risks and Concerns

• Management cautioned that “the complexity of a new vehicle launch” would “negatively impact our automotive gross profit in the second and third quarters before becoming a benefit…in the fourth quarter as we ramp production and deliveries.”
• Supply chain constraints and the ramp-up of supplier capacity were highlighted as potential bottlenecks for R2 production.
• Rising raw material costs and supply chain backdrop were incorporated into EBITDA guidance, and management reaffirmed their focus on cost management and operational efficiency.
• Analysts raised concerns about the conversion rate of the R2 backlog, production ramp timing, and the impact of delays in launching new autonomy hardware.

Final Takeaway

Rivian management projects 2026 as a pivotal year, with the R2 launch expected to drive significant vehicle delivery growth and mass market expansion. The company delivered its first full year of positive gross profit and improved per-unit economics, while maintaining a robust liquidity position. Management remains confident that operational efficiency, strategic partnerships, and new product launches will be transformative for Rivian’s growth and profitability in the year ahead.

Read the full Earnings Call Transcript

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The 45% decrease year-over-year in automotive revenue in Q4 was primarily driven by a $270M decrease in regulatory credit sales, lower vehicle deliveries with the expiration of tax credits, and a lower average sales price due to a higher mix of EDV deliveries. The 109% increase in software and service revenue was primarily due to an increase in vehicle electrical architecture and software development services from the joint venture with Volkswagen Group (VLKAF), as well as increases in sales of vehicle trade-ins and vehicle repair and maintenance services.

The electric vehicle maker announced previously that it produced 10,974 vehicles in Q4 at its manufacturing facility in Normal, Illinois, and delivered 9,745 vehicles during the same period to trail the consensus estimate of 9,958 deliveries. For the full year 2025, Rivian (RIVN) produced 42,284 vehicles and delivered 42,247 vehicles. The electric vehicle maker noted that the Q4 and annual figures were in line with its own expectations. For comparison, Rivian delivered 50,122 vehicles in 2023 and 51,579 vehicles in 2024.

Consolidated gross profit for the quarter was $120M vs. $170M a year ago.

Looking ahead, Rivian (RIVN) set 2026 deliveries guidance at 62K to 67K vehicles. Adjusted EBITDA for the full year is expected to be -$2.1B to -$1.8B. Capital expenditure guidance was for $1.95B to $2.05B.

Shares of Rivian Automotive (RIVN) soared 12.7% in postmarket trading.

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