R2 deliveries began in Q2 2026, with production of 12,613 vehicles (up 111% year-over-year) and 12,194 deliveries (up 14% YoY); the Normal Factory's paint shop was upgraded in 2025 to support 215,000 annual units. Rivian recognized approximately $100 million in incremental Q2 automotive cost of revenues attributable to the R2 production ramp and expects per-vehicle gross-margin losses to improve as R2 volumes scale over the coming quarters.
In March 2026 Rivian entered a subscription agreement with Uber, receiving $300 million in May 2026 for approximately 20 million Class A shares at $15.34 per share; up to an additional $950 million is tied to four future milestones, some requiring proven autonomy quality. Companion master framework and vehicle production agreements govern the design, development, and manufacture of R2-platform vehicles equipped with Rivian's Level 4 autonomous driving system for Uber's ridehailing and delivery platform.
The Volkswagen Testing Milestones under the Investment Agreement were achieved in March 2026, and in April 2026 Rivian received $1.0 billion for approximately 63 million Class A shares at $15.90 per share. A further $460 million equity tranche (of which $210 million is revenue for Joint Venture development services) is due by the earlier of January 3, 2028 or the Start of Production Milestone. A $1.0 billion term loan through the Joint Venture is available for a single draw between October 1 and October 30, 2026. The Joint Venture recognized $308 million in Q2 revenue for its combined performance obligation; remaining deferred Volkswagen consideration is expected to be recognized through approximately mid-2028.
Rivian began charging one-time or month-to-month fees for Autonomy+ advanced driver-assistance features in consumer vehicles including R2 in April 2026. In December 2025 the Universal Hands Free OTA release expanded assistive hands-free driving for R1 Gen 2 customers from under 150,000 to more than 3.5 million miles of North American roads. In May 2026 the AI-powered Rivian Assistant launched on all R1 vehicles via Connect+, with an R2 rollout via OTA planned later in 2026.
In April 2026 the Department of Energy loan was amended and restated into two tranches: a Note A Loan of up to $3,355 million plus $315 million capitalized interest (approximately 15-year term, maturing March 2045) and a Note B Loan of up to $651 million plus $179 million capitalized interest (approximately 10-year term, maturing June 2041), each at the Treasury-equivalent yield with 0% credit spread. Advances are conditioned on sustained positive gross margin, vehicle sales metrics, equity contributions, and project-execution milestones. Construction at the Stanton Springs North Facility in Georgia (groundbreaking September 2025) to support midsize-platform production is underway.
The Normal Factory sustained building, machinery, and equipment damage from a tornado on April 17, 2026; the resulting impairment was immaterial, offset by insurance recoveries, and production was not disrupted. The consolidated IPO securities class action (Crews v. Rivian) received final court approval on May 20, 2026, with a net settlement payment of $181 million after insurance recoveries (against a $250 million gross settlement).
(Filed on April 30, 2026)
+11.4%
8.6%
$2.8B
Deliveries of the R2 midsize SUV began in late April 2026, following Q1 2026 production of 10,236 vehicles and deliveries of 10,365 vehicles (vs. 14,611 produced and 8,640 delivered in Q1 2025). The Normal Factory paint-shop upgrades completed in September–October 2025 raised production capacity to 215,000 units annually in preparation for the R2 ramp; the factory was operating significantly below full capacity during Q1 2026.
In March 2026 Rivian entered a Subscription Agreement with Uber Technologies and SMB Holding Corporation for an expected $300 million equity investment (approximately 20 million Class A shares at $15.34/share), subject to customary closing conditions including regulatory approvals. Up to an additional $950 million is available across four milestones, some of which require fulfillment of proven autonomy quality. Concurrently, the company signed master framework and vehicle production agreements with Uber to develop, manufacture, and deploy Level 4 autonomous vehicles based on the R2 platform for Uber's ridehailing and delivery services.
The Volkswagen Group Testing Milestones under the Investment Agreement were achieved in March 2026, triggering the second equity tranche: on April 30, 2026 Rivian received $1.0 billion in exchange for approximately 63 million Class A shares at $15.90 per share. A remaining $460 million equity investment (of which $210 million is being recognized as software-and-services revenue) is expected upon the earlier of January 3, 2028 or achievement of the Start of Production Milestone, and a committed $1.0 billion term loan facility through the Joint Venture becomes drawable in October 2026.
On April 30, 2026 Rivian New Horizon, LLC entered an Amended and Restated Loan Arrangement with the U.S. Department of Energy providing two tranches totaling up to approximately $4.5 billion in principal (Note A: up to $3,355 million, ~15-year term; Note B: up to $651 million, ~10-year term) to finance the Stanton Springs North Facility in Georgia, where groundbreaking occurred in September 2025 and construction is expected to begin later in 2026 to support the midsize platform (MSP) and R3 vehicles. Advances are subject to conditions including positive gross margin, vehicle sales metrics, and base equity contributions.
In March 2026 Rivian deconsolidated Mind Robotics (an industrial AI and robotics venture it established in November 2025) after Mind Robotics completed a Series A preferred share financing with third-party investors at a substantially higher valuation, expanded its board, and established an independent management team and standalone roadmap. Rivian retained a 37.6% ownership interest accounted for under the equity method, remeasured the retained interest to approximately $569 million, and recorded a $506 million gain on deconsolidation within Other income, net.
On April 17, 2026 a tornado damaged certain buildings and vehicles at the Normal Factory in Normal, Illinois; the company is assessing the impact and, together with anticipated insurance recoveries, does not expect the event to have a material effect on the condensed consolidated financial statements.
(Filed on February 12, 2026)
-25.8%
9.3%
$3.6B
Annual context (full year 2025): Rivian produced 42,284 vehicles and delivered 42,247, down from 49,476 produced and 51,579 delivered in 2024. The filing attributes the delivery decline partly to the expiration of federal 45W EV tax credits after September 30, 2025, which pulled consumer demand forward into Q3 and caused a corresponding Q4 decline; it also notes EDV deliveries in Q4 2025 exceeded seasonal norms due to supplier constraints experienced earlier in the year. Normal Factory paint-shop upgrades were completed in late September/early October 2025, raising installed capacity to 215,000 units annually (155K R2, 85K R1, 65K Commercial Van) in preparation for R2 customer deliveries expected to begin Q2 2026.
In December 2025 (Q4), Rivian released its Universal Hands Free autonomy feature via OTA update to R1 Gen 2 customers, expanding assistive hands-free driving coverage from fewer than 150,000 miles of roads to more than 3.5 million miles of roads in North America. Rivian plans to begin charging a one-time or month-to-month fee for Autonomy+ advanced driver-assistance features in consumer vehicles starting April 2026, with longer-term targets including point-to-point, eyes-off, and personal Level 4 capabilities on vehicles with requisite hardware.
In November 2025 (Q4), Rivian established Mind Robotics, Inc. and Mind Robotics, LLC to focus on industrial AI and robotics. Rivian contributed cash and a license to intellectual property developed for industrial automation (combined fair value approximately $128 million) in exchange for a 53.5% equity stake; third parties, primarily Eclipse Ventures, contributed approximately $112 million for the remaining 46.5%. The entity is consolidated as a variable interest entity. Separately, Rivian's equity-method investment in Also, Inc. (micromobility, acquired Q1 2025 for approximately $104 million in preferred stock) was diluted from 49.8% to 39.2% through Series C issuances in July 2025 and December 2025/January 2026.
On October 23, 2025 (Q4), Rivian signed a Stipulation of Settlement resolving the consolidated IPO securities class action (Crews v. Rivian Automotive, Inc., C.D. Cal.) for an anticipated $250 million payment; the court granted preliminary approval on December 18, 2025. After $64 million in probable insurance recoveries, the net settlement expense recorded in 2025 was $186 million, and the remaining $233 million was funded into escrow in January 2026. The filing also discloses total accrued loss contingencies of $350 million at year-end, with an additional $80 million in reasonably possible excess losses.
Annual context: In September 2025 Rivian held a groundbreaking ceremony at the Stanton Springs North Facility near Social Circle, Georgia (planned 400,000-unit annual capacity in two 200,000-unit phases producing R2 and R3). Vertical construction is planned to begin in 2026 with first production-line start in 2028. The approximately $6.6 billion DOE Loan (Note A ~$3.4B, Note B ~$2.6B) was executed January 16, 2025, with advances subject to conditions including sustained positive gross margin and vehicle sales metrics. In October 2025 Rivian received its Section 232 tariff offset license through April 2026, and as of November 1, 2025, self-certification of components in U.S. vehicle manufacturing allows Rivian to use the 232 Automotive tariff offset to eliminate many import tariffs on parts, steel, aluminum, and graphite.
Annual context: The Volkswagen Group Joint Venture (established November 2024, 50/50, consolidated) achieved its Financial Milestone by March 31, 2025, and Rivian received $1 billion on June 30, 2025 in exchange for approximately 52 million Class A shares at $14.56 per share, which also made Volkswagen a related party. Up to an additional $2.5 billion (comprising $1.5 billion in further equity investments subject to Testing and Start-of-Production Milestones, of which $210 million is recognized as revenue over time, plus a $1.0 billion JV term loan facility available October 2026) remains outstanding. The Joint Venture's combined performance obligation for electrical architecture and software development is expected to be satisfied around 2028, after which Rivian anticipates a reduction in software and services gross profit.
(Filed on November 4, 2025)
+78.3%
1.5%
$4.4B
Q3 2025 production was 10,720 vehicles and deliveries were 13,201 (up 32% YoY), with automotive revenue of $1.14B (+47% YoY) and consolidated revenue of $1.56B. In late September/early October 2025, Rivian completed paint shop upgrades at its Normal, Illinois factory, increasing production capacity to 215,000 units annually; the associated shutdown reduced Q3 production output and raised per-unit costs. Construction in progress on the balance sheet rose to $1.55B (from $621M at year-end 2024), and nine-month capex reached $1.25B, driven by Normal Factory R2 integration work.
The Rivian-Volkswagen Group Technologies joint venture began generating material revenue in Q3 2025, recognizing $214M for the quarter and $563M for the nine months ended September 30, 2025 (versus $0 in the prior-year periods) under a combined performance obligation for vehicle electrical architecture and software development services. Total software and services segment revenue for Q3 was $416M (+324% YoY), producing segment gross profit of $154M (vs. a $13M loss a year earlier). Rivian expects to recognize the remaining ~$2.3B of contract liabilities (primarily from VW) over approximately three years with gradually increasing annual revenue. VW's June 30, 2025 investment of $1.0B (51.5M shares at $14.56) following the Financial Milestone achievement made VW a related party holding >10% voting power, with up to an additional $2.5B in equity and loan commitments still pending on milestones and regulatory clearances.
Rivian recorded a $183M net expense (after $67M in probable insurance recoveries) in Q3 for the settlement of consolidated IPO securities class action litigation; on October 23, 2025 (subsequent to quarter-end), the parties signed a Stipulation of Settlement with a $250M payment subject to court approval, expected to be paid within 12 months. Separately, restructuring actions during Q3 to reduce costs and improve efficiency resulted in $15M of severance expense, with $18M in accrued severance at September 30. Total contingent loss accruals on the balance sheet reached $375M (from $110M at year-end), with an additional ~$100M of reasonably possible losses beyond the accrued amount.
In September 2025, Rivian held a groundbreaking ceremony at the Stanton Springs North Facility near Social Circle, Georgia, with construction expected to begin in 2026 to support midsize platform (MSP) production. The facility will be built in two production capacity blocks funded in part by the ~$6.0B DOE ATVM Loan (Note A up to ~$3.4B, Note B up to ~$2.6B) entered in January 2025, subject to conditions including positive gross margin and vehicle sales metrics. Rivian expects to begin R2 production at the Normal Factory in the first half of 2026; in July 2025, 4M Class B shares converted to Class A. In November 2025 (subsequent event), Rivian established a new entity focused on industrial AI and robotics that included ~$110M of external seed capital.
Rivian's 49.8% equity-method investment in Also, Inc. (spun off from Rivian's micromobility operations in Q1 2025 with a ~$104M fair-value allocation and ~$101M gain recognized) was diluted to 40.6% when Also issued Series C preferred shares to a third party in July 2025; Also is a related party and Rivian's CEO sits on its four-seat board. Also related-party transaction and earnings contributions were not material in Q3. In June 2025, Rivian also began selling Rivian Adventure Gear via the Amazon.com platform.
Rivian received U.S. government approval in October 2025 for tariff offset credits through April 30, 2026 (3.75% of MSRP applied to imported auto parts under Section 232), and expects to qualify for such credits from May 2026 through April 2030, partially offsetting the 25% tariff on many imported parts that took effect May 3, 2025. The company noted it continues to face tariff cost increases on imported raw materials (steel, aluminum, graphite) and reciprocal tariffs, which it expects will impact near-term capital expenditures and cost of revenues. Chase Bank leasing arrangements accounted for 45% of Q3 2025 total revenues, and Amazon EDV-related revenues were $298M in Q3 (vs. $171M a year earlier).
