Rivian Earnings: EV Maker Adjusts Delivery Forecast Amid Tariffs and Trade Tensions

Rivian disclosed in its earnings report on Tuesday that it expects to deliver fewer vehicles this year than initially forecasted, citing President Trump’s tariffs and various regulatory adjustments as the reasons. This positions Rivian among the latest automakers affected by the tumultuous economic policies of the current administration.

On the same day, the company indicated it anticipates delivering between 40,000 and 46,000 EVs by the close of 2025. This marks a notable decrease from Rivian’s previous estimate just a month prior, which anticipated deliveries between 46,000 and 51,000 vehicles this year. Additionally, Rivian adjusted its capital expenditure outlook to between $1.8 billion and $1.9 billion, reflecting expected impacts from tariffs, up from the earlier guidance of $1.6 billion to $1.7 billion detailed in its 2024 shareholder letter.

Rivian’s earnings report comes after Ford and General Motors retracted their yearly guidance, pointing to economic uncertainty linked to Trump’s tariffs. Ford has forecasted an additional $2.5 billion in costs due to the tariffs for 2025, while GM estimated an impact of approximately $5 billion.

Earlier in February, Rivian alerted investors that “changes to government policies and regulations, along with a challenging demand environment” could threaten vehicle sales. Conditions might deteriorate if the Trump administration, Congress, or both decide to abolish the $7,500 federal tax credit for EVs.

Failing to deliver over 46,000 EVs would indicate a setback for the electric manufacturer, which was already facing its third consecutive year of stagnant growth before this guidance revision. In 2024, Rivian delivered 51,579 vehicles, while in 2023, the figure stood at 50,122. The company’s more affordably priced R2 SUV, expected to launch in larger quantities, is not scheduled to arrive until 2026.

On Tuesday, Rivian announced it achieved $206 million in gross profit in the first quarter of 2025 from 8,640 deliveries. This achievement marks the second successive quarter the company has attained gross profit. This specific first-quarter profit was particularly notable as it met a contractual milestone that unlocked around $1 billion in funding from Volkswagen Group, due to a joint venture with the German manufacturer.

While gross profit seems encouraging on the financial statement, net income offers a clearer view of expenses. The company reported a net income loss of $541 million for the quarter, reflecting a remarkable improvement from the $1.4 billion loss during the corresponding period last year.

Automotive revenue declined to $922 million from $1.12 billion in the first quarter of 2024; however, total revenues saw a slight year-over-year increase, supported by higher sales from the company’s software and services.

Total revenue from software and services in the first quarter of 2025 reached $318 million, nearly quadrupling from the $88 million noted during the same period last year. Rivian credited this growth to its new vehicle electrical architecture, software development services, enhanced remarketing sales, and an uptick in repair and maintenance services.

This article was originally published at 4:06 p.m. ET and has been updated with details from Rivian’s earnings call.