By Kara Carlson | Bloomberg
Irvine-based Rivian Automotive raised its full-year sales outlook in a promising sign as the maker of electric vehicles begins deliveries of its lower-cost SUV seen as critical to the company’s future.
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The company now expects to deliver between 65,000 and 70,000 vehicles this year, it said in a statement Thursday. That range exceeds the roughly 63,000 deliveries expected by Wall Street analysts. Rivian said it saw strong quarter-over-quarter growth for its commercial van and R1 EVs as it began sales of the new R2 electric SUV.
The EV maker also delivered 12,194 EVs in its second quarter, more than the roughly 10,600 expected by Wall Street, an improvement after several quarters of uneven sales. Production of 12,613 vehicles also topped estimates.
The optimistic outlook is a much-needed sign of momentum for the EV maker after it struggled with rising expenses, supply chain issues and softening demand for EVs, particularly in the US. Rivian cut hundreds of jobs last month, its latest round of layoffs announced over the past year as it looks to control costs.
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Rivian recently started selling its newest model, the R2 SUV, to capture a wider piece of the market with a vehicle that’s smaller and less expensive than the company’s flagship truck and SUV. The automaker also produces delivery vans, primarily for e-commerce giant Amazon.com Inc., one of its biggest shareholders.
The new R2 SUV line is widely seen as key for Rivian’s ability to eventually reach profitability. The first R2 models have a starting price of nearly $58,000, about $13,000 more than the entry-level versions that Rivian has said will arrive late next year. Still, the vehicle costs far less than the R1 SUV and truck models, which can cost more than $100,000.
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