Despite losses, Rivian’s Q3 could jump-start EV maker’s Georgia future
Electric-vehicle maker Rivian had a busy third quarter, one that could prove pivotal for the startup and its promised Georgia projects.
From July to September, the California-based automaker held a ceremonial groundbreaking for its $5 billion Georgia factory and signed a lease for an East Coast headquarters along the Beltline in Atlanta.
The company Tuesday released its financial results for the quarter, featuring growth in revenue but also in its quarterly losses. But the company said it is laser-focused on preparing the launch of a new vehicle model called R2 next year.
“We look forward to 2026 and remain steadfast in our belief that R2 and our technology road map will be truly transformative for our growth and profitability,” Claire McDonough, Rivian’s chief financial officer, said on a third quarter investor call.
The fourth quarter is also shaping up to be pivotal for Rivian, which announced a large round of layoffs last month and is grappling with a fast-changing EV demand landscape after federal consumer tax credits were revoked.
Here is what you need to know about the company’s third quarter:
Financial stakes
Rivian’s balance sheet includes increases across the board — a sharp uptick in revenue but also expanded losses.
During the third quarter, Rivian posted total revenue of $1.6 billion, a 78% increase from the same time in 2024. The automaker also posted a loss of nearly $1.2 billion, a 6% increase from the same time last year.
The automaker ended September with nearly $7.1 billion in cash, cash equivalents and short-term investments, about $349 million more than a year ago.
Rivian’s reserves are bolstered by a joint software venture worth an estimated $5.8 billion with German auto giant Volkswagen. McDonough said Rivian expects to receive $2 billion from that partnership next year.
Demand shift
The automaker delivered 13,201 vehicles during the third quarter, the most of any quarter this year.
EV demand spiked across the industry as consumers capitalized on federal tax credits worth up to $7,500 before they expired at the end of September. Rivian expects deliveries to decrease in the fourth quarter.
Rivian adjusted the guidance for how many vehicles it expects to deliver in 2025, the second time this year it has altered that figure. The company said it now expects to deliver between 41,500 to 43,500 vehicles, while the company started the year aiming for up to 51,000 deliveries.
In addition, Rivian has had several quarters in prior years where it delivered more vehicles, peaking two years ago with 15,564 deliveries.
The lack of steady growth for Rivian’s flagship — and more expensive — R1 pickup truck and SUV models is why company leaders say the forthcoming launch of a cheaper SUV called R2 is the automaker’s best chance to capture mass market appeal.
Producing focus
During the third quarter, Rivian produced 10,720 vehicles at its sole factory in Normal, Illinois. It’s an increase from the second quarter but less than many quarters in 2023 and 2024.
The factory underwent a 1.1 million-square-foot expansion to prepare for R2 manufacturing, which company leaders said partially led to lower production figures than prior quarters. Executives also cited tariff impacts on supply chains.
R2 will launch in the first half of 2026, and the Illinois factory will have an annual R2 capacity of up to 155,000 units. At a starting price point of $45,000, R2 will be below the average new vehicle purchase price, which is $50,000.
“We’re really bullish and really confident on R2 and what that represents for us as a business,” Rivian CEO RJ Scaringe said on thecall.
Peach State progress
The bet on R2’s popularity is fueling Rivian’s decision to move forward with its planned $5 billion Georgia factory.
Rivian officials and state leaders, including Gov. Brian Kemp, held a ceremonial groundbreaking in September on the nearly 2,000-acre site in southern Morgan and Walton counties. Vertical construction will begin next year, according to Rivian.
The Georgia factory is expected to be built in two phases, each with a total manufacturing capacity of 200,000 vehicles. R2s, alongside a smaller variant called R3, are expected to start rolling off assembly lines by 2028.
Scaringe said there’s plans to export some of the Georgia factory’s output through the Peach State’s ports.
“We haven’t announced European timing yet, but it’s a really core part of the program,” he said. “It was also a key element to the decision that we made to set up the plant in Georgia, given its ease of export for vehicles going to Europe.”
At the same time, Rivian finalized its lease for its East Coast headquarters in Atlanta along the Beltline. The office project was announced in mid-July and will employ about 100 workers by the end of 2025, with plans for up to 500 jobs.
Cox Enterprises, which owns the AJC, also owns about a 3% stake in Rivian.
About the Author
Zachary Hansen, a Georgia native, covers economic development and commercial real estate for the AJC. He's been with the newspaper since 2018 and enjoys diving into complex stories that affect people's lives.
