Rivian Automotive raised its annual delivery forecast on Thursday, betting on strong demand for its electric delivery vans and R1 SUVs and pickup trucks, as well as a boost from its newly launched, more affordable model — the R2.
Shares of the Irvine, California-based EV maker rose more than 14% after its second-quarter deliveries also beat analysts' estimates.
The raised forecast reflects Rivian's expectation that its lower-priced R2 SUVs will help drive sales, despite lingering affordability concerns following last year's expiration of federal EV tax credits.
The smaller R2 SUVs, whose production began in April, are central to the company's growth plans and are expected to compete with Tesla's (TSLA.O), opens new tab best-selling Model Y.
Rivian now expects 2026 deliveries between 65,000 and 70,000 vehicles, up from its earlier forecast of 62,000 to 67,000. Fifteen analysts polled by Visible Alpha estimate the company will deliver 63,138 vehicles this year.
Rivian saw second-quarter deliveries rise over 14% to 12,194 vehicles, beating Visible Alpha estimates of 10,518, helped by robust demand for its delivery vans and R1 models and the introduction of the R2.
It will need to deliver about 45,000 more vehicles in the second half of 2026 to hit the midpoint of its revised full-year target.
The R2 has also drawn interest beyond retail buyers. In March, Uber said it would invest up to $1.25 billion in Rivian as part of a deal to deploy 10,000 fully autonomous R2 SUVs as robotaxis from 2028.
While the launch variant was priced from $57,990, a premium R2 version is expected to be available for $53,990 later this year, followed by a rear-wheel-drive model early next year.
A much-anticipated $45,000 variant is slated for release by late 2027. Rivian is also developing undisclosed variants of the R2, including a possible performance version.
Meanwhile, Tesla posted stronger-than-expected deliveries in the second quarter, helped by recovering demand in Europe.
