Rivian stated in its earnings report Tuesday it’ll doubtless ship fewer automobiles this yr than beforehand forecasted as a result of President Trump’s tariffs and different regulatory modifications, making it the most recent automaker to be affected by the brand new administration’s chaotic financial insurance policies.
The corporate stated Tuesday it expects to ship between 40,000 and 46,000 EVs by the top of 2025. That’s regardless of Rivian saying one month in the past that it was nonetheless holding to its estimate of delivering 46,000 to 51,000 automobiles throughout this yr. Rivian raised its capital expenditure steerage to between $1.8 billion and $1.9 billion as a result of anticipated influence from tariffs. The corporate’s earlier capex steerage was between $1.6 billion to $1.7 billion, in accordance with its 2024 shareholder letter.
Rivian’s earnings announcement comes days after each Ford and Normal Motors pulled their steerage for the yr, citing financial uncertainty associated to Trump’s tariffs. Ford stated it expects the tariffs so as to add $2.5 billion in prices throughout 2025, whereas GM advised buyers it expects the influence to be round $5 billion.
Rivian warned buyers in February that “modifications to authorities insurance policies and laws, and a difficult demand atmosphere” may threaten demand for its automobiles. Issues may solely get more difficult if the Trump administration, Congress, or each resolve to kill the $7,500 federal tax credit score for EVs.
Delivering fewer than 46,000 EVs can be a step again for the electrical automaker, as the corporate was already monitoring for its third straight yr with no quantity development earlier than the steerage reduce. Rivian delivered 51,579 automobiles in 2024 and 50,122 in 2023. The corporate’s extra reasonably priced R2 SUV, which it expects to ship in better numbers, received’t come till 2026.
The corporate stated Tuesday that it was in a position to generate $206 million of gross revenue within the first quarter of 2025 on 8,640 deliveries. It was the second straight quarter the corporate was in a position to generate gross revenue. This primary-quarter gross revenue was significantly necessary as a result of it met a contractual milestone that unlocked about $1 billion in funding from Volkswagen Group as a part of a three way partnership with the German automaker.
Whereas gross revenue might look good on the steadiness sheet, internet earnings offers a extra real looking view of prices. The corporate reported a internet earnings lack of $541 million within the quarter, a substantial enchancment from the $1.4 billion in losses in the identical year-ago interval.
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Automotive income shrank to $922 million from $1.12 billion within the first quarter of 2024, though whole revenues had been up barely year-over-year due to a lift from gross sales of the corporate’s software program and companies.
Complete software program and companies revenues for the primary quarter of 2025 had been $318 million, practically a fourfold improve from the $88 million in the identical interval final yr. Rivian credited the rise to its new car electrical structure and software program improvement companies, elevated remarketing gross sales, and a rise in restore and upkeep companies.
This text was first printed at 4:06 p.m. ET. It has since been up to date with info from Rivian’s earnings name.
