By Akash Sriram and Abhirup Roy
Feb 12 (Reuters) – Rivian Automotive results beat Wall Street targets and the electric vehicle maker stoked expectations for its Model Y rival, saying its new affordable R2 SUVs would drive a 53% jump in 2026 deliveries.
Shares of the company, known for its R1 family of electric SUVs and pickup trucks, surged over 14% in after-hours trading.
The new model, priced at about $45,000, is seen as critical for Rivian’s success as demand for EVs has weakened following the expiry of federal tax credits last year.
Scaringe told Reuters that volumes for the R1T pickup, R1S SUV and its electric delivery vans would remain largely flat from 2025 levels, when the company delivered 42,247 vehicles.
“The growth is really, of course, what we see in R2,” he said. That implies over 22,000 R2 vehicle deliveries in 2026, well above the 13,400 deliveries Wall Street was expecting.
However, preparing for the R2 launch in the second quarter, along with Rivian’s efforts to expand in-house autonomous driving features, will be capital-intensive.
Capital expenditure is expected to nearly double to between $1.95 billion and $2.05 billion, Rivian said, higher than the $1.92 billion analysts were expecting, according to data compiled by LSEG.
Revenue for the fourth quarter was $1.29 billion, beating analysts’ average estimate of $1.26 billion.
Adjusted loss before interest, taxes, depreciation and amortization is expected to be between $2.1 billion and $1.8 billion, compared with estimates of $1.81 billion.
Its adjusted loss per share came in at 54 cents, lower than estimates of 68 cents.
The automaker expects deliveries to be between 62,000 and 67,000 vehicles this year, largely in line with estimates of 64,130 vehicles in 2026, according to Visible Alpha data.
The fourth quarter marked the first full reporting period after the $7,500 federal tax credit on EV purchases expired at the end of September, raising prices and slowing EV deliveries, including for market leader Tesla.
Analysts expect the cheaper R2 model will help Rivian offset the loss from the expiry of tax credits and spur demand, as a lower price tag would attract a larger swathe of buyers.
Cash and cash equivalents stood at $3.58 billion at the end of December, compared with $4.44 billion at the end of September.
(Reporting by Akash Sriram in Bengaluru; Editing by Vijay Kishore)
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