Normal, Illinois — Rivian Automotive reported strong performance in the first quarter, exceeding analysts’ expectations, while also adjusting its 2025 forecasts for vehicle deliveries and capital expenditures. The electric vehicle manufacturer acknowledged its vulnerability to shifts in the global economic landscape, including challenges from trade policies and tariffs.
In a quarterly update sent to shareholders, Rivian stated that it is “not immune” to the broader economic environment, despite its production being based entirely in the United States. The company described the current trade climate as one filled with uncertainty, particularly regarding tariffs and their potential effects on consumer behavior.
Rivian’s revised projections now estimate deliveries between 40,000 and 46,000 units, a decline from the earlier forecast of 46,000 to 51,000 units. Capital expenditures have also been revised upward, with new estimates ranging from $1.8 billion to $1.9 billion, surpassing the previous guidance of $1.6 billion to $1.7 billion. Despite these adjustments, Rivian reaffirmed its goal of achieving a modest gross profit for the year.
The automaker’s first-quarter results were promising, reporting a loss of 41 cents per share, significantly better than the anticipated loss of 76 cents. The company generated revenues of $1.24 billion, exceeding expectations of $1.01 billion. Notably, Rivian achieved gross profit for the second consecutive quarter, driven in part by a $1 billion investment from Volkswagen Group as part of their joint venture.
During this period, Rivian’s gross profit reached $206 million, up from $170 million in the previous quarter, indicating positive momentum in its production and sales. The joint venture with Volkswagen, announced last year as part of a $5.8 billion investment, plays a critical role in helping Rivian leverage its software and electrical architecture.
As of the end of the first quarter, Rivian reported liquidity of $8.5 billion, which includes $7.2 billion in cash and short-term investments. This strong liquidity position is crucial for weathering economic fluctuations and funding ongoing operations.
Rivian’s first-quarter results were bolstered by a surge in sales of automotive regulatory credits, contributing $157 million, along with a significant rise in revenues from software and services, totaling $318 million compared to $88 million a year earlier.
On a net basis, Rivian narrowed its losses to $541 million during the quarter, in contrast to approximately $1.5 billion the same period last year and $743 million in the fourth quarter.
Meanwhile, electric vehicle competitor Lucid Group released mixed results. The company reaffirmed its 2025 production guidance of around 20,000 vehicles while announcing a loss of 20 cents per share, slightly better than the projected 23-cent loss, with revenues of $235 million falling short of expectations for $249 million.
As the electric vehicle market continues to evolve, both Rivian and Lucid face the formidable challenges of meeting production targets while navigating an unpredictable economic landscape influenced by global trade dynamics.