Rivian's Q3 revenue beats estimates on R2 model demand; raises 2026 guidance for car deliveries (updated)
UPDATE 1-Rivian's Q3 revenue beats estimates on R2 model demand; raises 2026 guidance for car deliveries Adds stock movement
Overview
US electric vehicle maker's Q3 revenue rose 38% yr/yr, beating analyst expectations
Company delivered 19,248 vehicles in Q3, up 46% yr/yr, led by R2 model
Rivian raised 2026 guidance for deliveries and adjusted EBITDA after strong Q3 performance
Rivian's shares rose more than 5% in trading after the bell.
Outlook
Rivian raises 2026 delivery guidance to 67,000–70,000 vehicles from 65,000–70,000
Company now expects 2026 adjusted EBITDA of $(1.85) bln to $(1.75) bln
2026 capital expenditures forecast lowered to $1.40 bln–$1.50 bln from prior midpoint
Result Drivers
R2 MODEL - Company said surge in deliveries was driven by R2, now its best-selling vehicle by volume
REGULATORY CREDITS - Revenue benefited from $81 mln in regulatory credits, including $80 mln in automotive segment
SOFTWARE AND SERVICES GROWTH - Software and services revenue rose 45% yr/yr, helped by joint venture with Volkswagen and Autonomy+
Company press release: ID:nBw7lPkxLa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $2.16 bln | $1.98 bln (20 Analysts) |
Q3 Operating Expenses |
| $1.06 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 15 "strong buy" or "buy", 8 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the auto & truck manufacturers peer group is "buy."
Wall Street's median 12-month price target for Rivian Automotive, Inc. is $18.00, about 54.2% above its October 28 closing price of $11.67
Reuters Recommended Reads
Oct 29 - Volkswagen posts deepest loss since Dieselgate on Porsche writedown, China woes
Oct 29 - Hyundai Motor reports 5.5% rise in Q3 operating profit, beats forecasts
Oct 28 - Ford’s third-quarter core profit ticks higher despite rising commodity costs
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)