Cantor Daily Research Highlights

Research evidence excerpt

Cantor Daily Research Highlights

ll report 2Q26

earnings on 7/22 after the market close and host its earnings call at 5:30 PM ET.

Rivian Q2 Deliveries and Production Beat, Guidance Raised. On 7/2, RIVN pre-announced that it delivered 12,194 vehicles in

2Q26, above Visible Alpha consensus of 10,518 vehicles (and above 10,661 in 2Q25), driven by QoQ growth from the EDV and

R1, plus initial R2 deliveries. Additionally, RIVN also produced 12,613 vehicles in 2Q26, above consensus of 11,132 vehicles

(and above 5,979 in 2Q25). More importantly, RIVN raised its FY26 vehicle delivery guidance to 65,000-70,000 vehicles (from

prior 62,000-67,000 vehicles), vs. our estimate/Visible Alpha consensus of 65,000/63,138. YTD RIVN has delivered/produced

22,559/22,849, vehicles respectively. In our estimates, we continue to expect R1 and EDV annual volumes combined to be

relatively flat with last year, with R2 volumes accounting for the delta. More importantly, we expect the R2 line to materially

boost sales for the company (driven largely by the competitive price point and the autonomy features), while also capturing

additional EV market share. Separately, RIVN previously announced a partnership with Uber (UBER, OW) to deploy an up to

50,000 fully autonomous Robotaxis on the Uber platform. As part of this agreement, Uber is expected to purchase 10,000

autonomous R2 vehicles initially, with an option to purchase up to 40,000 additional vehicles in 2030. Rivian's management

is targeting initial commercial deployments to begin in 2028, with later plans to scale up to 25 cities by 2031. Additionally,

as part of this agreement, Uber will invest up to $1.25B through 2031 (includes an initial ~$300M investment expected in