Rivian (RIVN) shares have fallen 25% over the past three months, while the S&P 500 gained 3.4%. The company is ramping up its cheaper R2 SUV at its Normal, Illinois plant, and reservations are converting to orders faster than management expected, with many buyers being first-time EV owners. Rivian delivered 19,248 vehicles in the third quarter, up 46% year over year and a record, and expects 2026 deliveries to be weighted toward the fourth quarter. The automotive segment, which made up 71% of fiscal 2025 revenue, saw revenue fall 14.6%, and the production ramp added about $100 million to costs in the second quarter. The company targets positive gross profit on the R2 by the end of 2026 and raised about $1.3 billion from new share sales in July.
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