Rivian Automotive: Rivian Deliveries Exceed Q2 Guidance; 2026 Outlook Increased to 65-70k Units

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Rivian Automotive: Rivian Deliveries Exceed Q2 Guidance; 2026 Outlook Increased to 65-70k Units

Deutsche Bank

Research

North America Company Date

2 July 2026

High Yield Corporates Rivian Automotive

Automobiles & Components

Rivian Deliveries Exceed Q2 Guidance;

2026 Outlook Increased to 65-70k Units

Sean-M Wondrack

Q2-2026 Rivian Production & Delivery - Quick take Research Analyst

Rivian reported a strong Q2-2026 update today headlined with both a production +1-212-250-8980

beat and full-year guidance raise.

Production and deliveries totaled 12,613 units and 12,194 units in Q2, respectively.

The result beat Rivian's guidance for 9,000 to 11,000 vehicles and our estimate for

12,000 vehicles. While little information is typically divulged in the release, the read-

through is a clear positive in that higher deliveries should improve revenue, margins

(enhanced fixed-cost absorption) and OCF while reinforcing confidence that the

liquidity runway remains intact. A successful R2 launch is particularly important as

the lower-cost platform is central to a path to sustained profitability and should also Source: Deutsche Bank, Company Reports

support future milestone payments at strategic partnerships.

Management increased full-year guidance to 65,000 to 70,000 vehicles (compared

to prior guidance for 62,000 to 67,000) reflecting stronger-than-anticipated

demand for legacy R1s, electric vans and the initial R2 launch. The Q2 delivery beat

coupled with the guidance raise appear to be a meaningful positive catalyst.

Please see our initiation from June 16, 2026 here: Rivian Automotive: From Survival

to Scale: Building the Next Great Automotive Franchise, Buy.

View

We remain buy rated on the 10% secured holdco notes due 2031.

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