Rivian stated in its earnings report Tuesday it is going to probably ship fewer automobiles this yr than beforehand forecasted as a consequence of President Trump’s tariffs and different regulatory modifications, making it the newest 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 because of the anticipated impression 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 Common 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 instructed buyers it expects the impression to be round $5 billion.
Rivian warned buyers in February that “modifications to authorities insurance policies and laws, and a difficult demand setting” might threaten demand for its automobiles. Issues might 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 could be a step again for the electrical automaker, as the corporate was already monitoring for its third straight yr with no quantity progress earlier than the steerage lower. Rivian delivered 51,579 automobiles in 2024 and 50,122 in 2023. The corporate’s extra inexpensive 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 essential 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 could look good on the stability sheet, internet revenue gives a extra practical view of prices. The corporate reported a internet revenue 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 complete revenues have been up barely year-over-year because of a lift from gross sales of the corporate’s software program and providers.
Whole software program and providers revenues for the primary quarter of 2025 have been $318 million, practically a fourfold enhance from the $88 million in the identical interval final yr. Rivian credited the rise to its new car electrical structure and software program improvement providers, elevated remarketing gross sales, and a rise in restore and upkeep providers.
This text was first printed at 4:06 p.m. ET. It has since been up to date with data from Rivian’s earnings name.
