The EV maker delivered 12,194 vehicles in the second quarter, topping its own forecast of 9,000 to 11,000 units
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Rivian $RIVN Automotive raised its full-year 2026 delivery guidance on Thursday after second-quarter deliveries came in above its forecast, driven by growth in its electric delivery van and R1 vehicle lines, as well as the start of R2 SUV deliveries.
The company now expects to deliver between 65,000 and 70,000 vehicles this year, up from a prior forecast of 62,000 to 67,000, the company said. Second-quarter deliveries of 12,194 vehicles exceeded the company's own guidance, which had called for between 9,000 and 11,000 units. The company also produced 12,613 vehicles during the quarter at its manufacturing facility in Normal, Illinois.
Analyst expectations called for roughly 10,518 deliveries in the quarter, according to Reuters. Wall Street had also projected full-year deliveries of approximately 63,000 vehicles, according to Bloomberg.
Customer deliveries of the R2 SUV got underway in June, the company said. At $57,990 for its introductory trim, the R2 targets buyers looking for a more affordable entry point than Rivian's higher-priced R1 lineup of trucks and SUVs. Future R2 configurations include a rear-wheel-drive Standard at $48,490 arriving in early 2026 and a $45,000 entry-level version slated to hit the market by the end of 2027.
Hitting the midpoint of its updated annual guidance would require Rivian to hand over roughly 45,000 additional vehicles across the back half of the year.
Shares climbed more than 6% before Thursday's opening bell on the news, though the stock had shed close to 13% in the months leading up to that gain.
The company said it will release its second-quarter financial results on July 30, after market close, followed by an audio webcast at 5:00 p.m. ET the same day.
Lucid $LCID Group also reported second-quarter results Thursday, delivering 3,953 vehicles and producing 4,774 vehicles during the period. That fell short of Wall Street expectations of 5,000 units, according to CNBC. Lucid also unveiled an organizational overhaul tied to CEO Silvio Napoli's arrival, which took effect in June; among the changes, CFO Taoufiq Boussaid is set to exit once a transition to incoming finance chief Alexander De Bock is complete.
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