Rivian Automotive released its Q1 2025 financial report and shareholder letter, highlighting ongoing gross profits and increasing demand for its two main electric vehicles. The company also reported progress on its upcoming R2 model.
This positive news follows Rivian’s Tuesday announcement of stronger-than-anticipated first-quarter results, marking their second consecutive quarter of gross profit per vehicle. Additionally, Rivian adjusted its 2025 outlook in light of President Trump’s tariffs.
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.
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. 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
| Current outlook | |
| Vehicles Delivered | 40,000 – 46,000 |
| Adj. EBITDA | $(1,700) million – $(1,900) million |
| Capital Expenditures | $1,800 million – $1,900 million |
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.
