Rivian delivered 19,248 vehicles between July and September, up from 13,201 a year earlier and comfortably above analysts’ expectations of about 18,000. The results highlight the growing importance of the Rivian R2, the company’s smaller and cheaper SUV, even as Tesla continues to sell roughly 25 times as many vehicles.
Rivian Beats Delivery Expectations
Rivian’s third-quarter deliveries increased significantly from a year earlier, giving the company a stronger quarter than analysts had anticipated. The R2 is increasingly central to that growth, offering buyers a way into the Rivian brand without paying R1 prices.
The early performance of the R2 suggests Rivian may have a product capable of expanding beyond its expensive pickup and SUV lineup. Still, Rivian remains far smaller than Tesla in terms of vehicle volume.
Tesla Deliveries Fall but Beat Forecasts
Tesla delivered 486,532 cars in the quarter, down 2 percent from a year earlier but above analysts’ expectations of roughly 462,000, according to TradingView.
The year-ago comparison was affected by buyers rushing to claim the federal EV tax credit before it expired, making the two periods difficult to compare directly.
Despite the decline, some analysts view the results as a sign that the EV market is thawing. The drop had been expected to be closer to 7 percent, while a surge in gas prices has driven buyers toward hybrids and EVs.
Tesla stock jumped 5 percent following the delivery report, while Rivian shares slipped 3 percent despite its stronger-than-expected quarter.
Rivian Needs More R2 Momentum
Rivian needs more than 23,000 deliveries in the fourth quarter to reach the bottom of its 65,000-to-70,000 annual target. That would represent roughly 20 percent more vehicles than it delivered in the third quarter.
The fourth quarter therefore puts additional focus on whether the R2 can maintain its momentum as Rivian approaches the end of the year.
Tesla and Rivian Face Different Growth Paths
Tesla has the Cybercab supposedly arriving by the end of the year and a Roadster that may or may not still be on schedule, alongside the Model 3 and Model Y.
Rivian, meanwhile, has a cheaper SUV that could expand its customer base beyond its existing lineup. Tesla continues to sell substantially more vehicles, even as its valuation increasingly depends on what comes after cars.
Both stocks remain down for the year. Tesla is down 18 percent, while Rivian has fallen 27 percent.
