Rivian Automotive Inc. (NASDAQ:RIVN) shares climbed in premarket U.S. trading on Wednesday after the electric vehicle maker posted third-quarter results that topped Wall Street expectations on both revenue and earnings, fueled by a wave of buyers seeking to take advantage of expiring U.S. EV tax credits.
The company reported a net loss of $0.65 per share, narrower than analyst forecasts for a $0.74 loss, while revenue soared 78% year over year to $1.56 billion, exceeding the consensus estimate of $1.52 billion.
Rivian delivered 13,201 vehicles during the quarter—its highest delivery total of the year—benefiting from a surge in consumer purchases ahead of the expiration of the $7,500 federal tax credit for electric vehicles.
Similar to Tesla, the California-based automaker enjoyed a demand boost in the final months of the incentive program, which helped lift sales across its R1T pickup and R1S SUV models.
However, Rivian reaffirmed its 2025 delivery forecast of between 41,500 and 43,500 vehicles, a target it recently trimmed to reflect anticipated demand softening once the tax credits expire. The company also said preparations for the launch of its next-generation R2 model in the first half of 2026 remain on schedule, with manufacturing validation builds expected to start by year-end.
Rivian noted that it has completed construction of its R2 body shop and general assembly facility in Normal, Illinois, while upgrading its paint shop to expand total annual production capacity to 215,000 units.
“In Q3, we continued to make significant progress across our strategic priorities which includes R2 and our technology roadmap,” said RJ Scaringe, Rivian’s Founder and CEO.