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Investing.com -- Rivian Automotive (NASDAQ:RIVN) stock fell 0.5% after the electric vehicle maker produced fewer vehicles than expected in the second quarter, despite delivering more vehicles than it produced.
The company manufactured 5,979 vehicles at its Normal, Illinois facility during the quarter ending June 30, significantly below analyst expectations of over 11,300 vehicles, according to estimates compiled by Bloomberg. Rivian attributed the limited production to preparations for model year 2026 vehicles, which are expected to launch later this month.
Deliveries for the quarter reached 10,661 vehicles, slightly below the 10,910 analysts had anticipated. Despite the production miss, Rivian reaffirmed its full-year 2025 delivery guidance of 40,000 to 46,000 vehicles.
The company noted that its second quarter results aligned with its internal outlook. Rivian recently secured a $1 billion equity investment from Volkswagen (ETR:VOWG_p) Group at an effective price of $19.42 per share, representing a 33% premium to its 30-day volume-weighted average stock price of $14.56. This investment is part of a broader $5.8 billion agreement related to a technology joint venture between the two companies.
The investment follows Rivian’s achievement of gross profit in the first quarter of 2025, marking its second consecutive quarter of positive gross profit.
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