Shares of electric vehicle manufacturer Rivian (NASDAQ:RIVN) fell 6.9% in the morning session after the company reported weak first-quarter vehicle deliveries of 8,640 units, marking a 36% decline compared to the same period in the previous year. While the delivery figure matched both internal guidance and market expectations, the sharp drop hinted at demand and/or production challenges.
The company also reaffirmed its full-year 2025 delivery guidance of 46,000 to 51,000 vehicles. However, the lack of an upward revision likely dampened investor sentiment.
Truist Securities noted that the numbers aligned with the company’s prior commentary and street estimates, although the shares could see headwinds today from Tesla reporting Q1 deliveries below estimates before market open.
Rivian shares drop as Q1 2025 deliveries fall 36.4% YoY, despite a 4.5% rise in production. The EV maker built 14,611 vehicles and delivered 8,640, aligning with previous forecasts.
Deepwater Asset Management's Gene Munster is bracing for disappointing Tesla Inc. delivery numbers when the electric vehicle maker reports first-quarter figures on Wednesday, warning investors that the coming months could be even more challenging.
Following the worst quarterly performance for U.S. stocks in over two years, caution dominated Wall Street as investors awaited details on the tariff plans expected from the Trump administration on Wednesday.
Investor sentiment was shocked by Trump's 25% tariff on auto imports, increasing inflation fears. But some ETFs performed well, with gains up to 22.8%.
