Editor’s Note: This article has been updated to reflect sales figures for Chevy, Ford, and Hyundai.
Investors cheered Rivian’s (NASDAQ: RIVN | RIVN Price Prediction) new quarterly results and its sales forecasts for this year. Ahead of the market, shares were up almost 20% to $17. However, in early December, the stock traded at $21. Just after its IPO in November 2021, the share price reached $116. The IPO price was $78. Even with the recent recovery, the stock is down 70% in five years. Measured over the same period, the stock of troubled Ford is up 22%. Even with the new recovery, Rivan’s shares have been a disaster.
Rivian expects it will deliver 62,000 to 67,000 vehicles this year. Tesla (NASDAQ: TSLA) sold 589,160 vehicles in the US in 2025. Chevy sold 1.83 million. Ford (NASDAQ: F) sold 2.2 million. Hyundai’s sales in the US in 2025 were 901,836. The Chevy, Ford, and Hyundai numbers were considered disappointments.
Rivian beat some Wall St. forecasts for Q4 2025. However, in the quarter, Rivian management said, “We produced 10,974 and delivered 9,745 vehicles from our manufacturing facility in Normal, Illinois. The sequential step down in deliveries was primarily driven by lower R1S and R1T volumes, as expected, given the expiration of certain federal EV tax credits on September 30, 2025.” Whatever the reason, the drop is not good news.
Rivian’s revenue also dropped year over year in the quarter, down from $1.74 billion to $1.27 billion. Its loss improved, but only slightly. The loss was $743 million compared to a loss of $804 million in Q4 2024. Rivian still has a remarkably long road to profitability.
Rivian said it would deliver its R2 mid-sized SUV in the second quarter. With an expected MSRP starting at $45,000 , it is priced well below the R1S, which has a base price of $77,000 and models that sell for up to $122,000. The problem is, there is no evidence that a mid-sized SUV will sell well. The answer could still be “no.” And, Rivian did not give a price for options on the R2.
Rivian’s Q4 results were a small bump up, among a large number of bumps down.
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