Deliveries, R2, remain on track

Rivian just posted its more recent letter to shareholders outlining its progress and financial numbers from Q2 2025. We have already covered much of Rivian’s Q2 achievements outlined in the letter. However, we have gained a clearer understanding of where the American automaker stands on production numbers, revenue, and gross profit through half the year as it continues to gear up for the start of R2 production next year.

While Q2 2025 is by no means the worst report from Rivian, it’s not the most exciting from a financial outlook. However, the American automaker does point out several impressive milestones and investments it solidified the previous three months.

For example, Rivian shared news of a fresh equity investment of $1 billion from Volkswagen Group, part of a larger $5.8 billion agreement joint venture between the two OEMs.

As we pointed out in July, Rivian has been expanding its global footprint, announcing a new UK office in addition to a shiny new East Coast headquarters located outside of Atlanta, not far from where its second EV manufacturing facility will eventually operate.

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Q2 2025 also marked Rivian’s initial sales of its second-generation Quad Motor R1 models. Speaking of new models, Rivian CEO RJ Scaringe shared several progress updates of the new R2 throughout Q2 2025, and today’s letter to shareholders continues to detail steady progress for the highly anticipated EV.

Let’s dig into the full report, shall we?

Rivian expects higher Q3 2025 deliveries compared to Q2

As announced before the full Q2 2025 report, Rivian’s BEV production was way down, completing a mere 5,979 vehicles in Normal, IL, compared to 14,611 a quarter prior. That said, Rivian deliveries were up in Q2 (10,661 vs. 8,640 in Q1 2025).

Rivian cited the reason for limiting production last quarter as “primarily due to a variety of supply chain complexities partially driven by shifts in trade policy.” Despite the lower production numbers, Rivian said it is staying pat on its delivery guidance for 2025 and expects to have an even better Q3 2025. Per the shareholder letter:

We are maintaining the range of our delivery guidance to 40,000 – 46,000. We anticipate the third quarter to be our peak delivery quarter of the year across both our consumer and commercial vehicles. Due to some of the recent changes associated with regulatory credits and our second quarter performance, we are increasing our guidance for adjusted  EBITDA losses to ($2,000) million – ($2,250) million.

Total revenues were up in Q2 2025 by both quarter and year-over-year, but Rivian’s total cost of revenues increased, leaving gross profits at an (unaudited) plateau. Same as last quarter, Rivian still expects its 2025 capital expenditures to land somewhere between $1.8 and $1.9 billion.

Aside from the financials, which you can view in their entirety here, Rivian continues to put a tremendous amount of future success in its upcoming R2 model. Per Rivian, R2 development and launch remain on track. The automaker has essentially completed construction of a new 1.1 million square foot plant expansion in Normal, with production tooling equipment for component manufacturing installations now underway.

Rivian expects to commission the new R2 line in Q3 2025 en route to equipment and production processes validation. As we’ve covered plenty this year, the American automaker is assembling validation prototypes of the R2 on a pilot production line in California.

To make room for R2 production, Rivian will shut down its existing production footprint in Illinois for about three weeks in September. After that, Rivian’s manufacturing capacity will increase to about 215,000 units per year. Per the shareholder letter:

During the second quarter we made significant progress towards our development of R2, and  advancements in AI. Due to our sourcing efforts and contracts we have in place, we are confident  R2 will launch at an advantaged cost structure as compared to R1 and expect it to have a quick  path to positive gross profit.

As always, Rivian will host an audio webcast this afternoon at 2:00 PM PT/5:00 PM ET to discuss its Q2 2025 results and provide a business update. The link to the webcast and shareholder letter is available here.