Rivian Automotive Inc (NASDAQ:RIVN) shares moved lower as it reported a nearly 23% year-over-year drop in second quarter vehicle deliveries.
The electric vehicle company delivered about 10,600 vehicles, down from the year-ago period but marking a 23% increase compared to the approximately 8,600 vehicles delivered in Q1.
Production was limited to just shy of 6,000 vehicles as the company prepared for the launch of its 2026 model year vehicles, including refreshed R1S and R1T models and the upcoming R2 SUV.
The company also reaffirmed its 2025 delivery guidance of 40,000 to 46,000 vehicles, which is a downward revision from its earlier forecast of 46,000 to 51,000 vehicles.
Further, Rivian announced it received a $1 billion equity investment from Volkswagen Group as part of their $5.8 billion technology joint venture, signaling strong confidence in Rivian’s technology and future prospects.
Shares of Rivian were down 2.2% at about $13 in the early afternoon on Wednesday.