Rivian Automotive Inc. (Nasdaq: RIVN) reported a 22% decline in second-quarter deliveries compared to a year ago.
The Irvine-based automaker on Wednesday said it produced 5,979 electric vehicles at its manufacturing facility in Normal, Illinois and delivered 10,661 EVs during the second quarter ended June 30.
At this time last year, Rivian reported the production of 9,612 vehicles in Normal and the delivery of 13,790 for Q2 2024.
“Production was limited during the second quarter in preparation for model year 2026 vehicles expected to launch later this month,” the company said in a statement.
Rivian said these results are in line with its annual outlook and reaffirmed its 2025 delivery guidance range of 40,000 to 46,000 vehicles.
Shares were down nearly 2% to $13.22 apiece with a market cap of $15.2 billion during midday trading.
Rivian also reported it received a $1 billion equity investment from Volkswagen Group as part of the automakers’ technology joint venture.
