Q1 2025 Earnings Report & Shareholder Letter Released

[tylerdurden03]

My overall takeaway is optimistic, though the very low 30K range of R1 sales stands out as a concern. This seems to be less about tariffs and more about market demand—understandably so, given the $80–$115K price point.

That said, I was encouraged to hear the reiteration that R2 production is on track to begin in early 2026, with a starting price of $45K. Taken together, it could sound like a $45K model might launch on day one. If that turns out to be true, it's a potential home run. Does anyone buy-in to a $45K R2 from the get-go?

They need to get the R2 out into the public’s hands. Everything else in terms of R1 sales it to get them to that point .

Sponsored

 

[Hillbilly]

They're simply running out of buyers who can afford a vehicle in the average price range of $85,000 or so.

The R2 is obviously 1000% required for growth. Tesla Model S & X sell so few that they could discontinue both and barely anyone would notice. Too expensive.

That would be a shame because the S is the only one that doesn't look like crap.

 

[Jonger1150]

They need to get the R2 out into the public’s hands. Everything else in terms of R1 sales it to get them to that point .

The R1 taught them to make vehicles. The R2 is for mass market sale volume. The R1 will continue to be refreshed because it hits a bit different buyer.

 

[Honey]

When gen 2 quad motor?

 

[Mark_AZR1T]

You get it. But, has anyone complained that your jack pucks should come with text messaging and CarPlay??

Wait til my next OTA....

 

[SDH]

They're simply running out of buyers who can afford a vehicle in the average price range of $85,000 or so.

The R2 is obviously 1000% required for growth. Tesla Model S & X sell so few that they could discontinue both and barely anyone would notice. Too expensive.

^ Correct on both.

 

[SDH]

You know what else keeps people's attention? A functional suspension on the dual motor that's not skittish on highways jumping all over the place, better steering tuning and better efficiency. The Gen 2 "improvements", and I say this as a Gen 2 owner, are complete hogwash. The only real improvement is camera resolution.

I'm with you here. I think for the R1 series, they need to find way to LOWER the MSRP ... get rid of the air suspension and some of crap we don't need. $100k EV buyers are few and far between and have plenty of other options.

The most compelling reason I got my R1T LE was because it cost me $75k all in. Gone are the days of $7500 incentives.

My guess on R2 price. $60k to start. They'll go with top end models first, then try to find ways to lower the price.

 

[RivianRiverRat]

My overall takeaway is optimistic, though the very low 30K range of R1 sales stands out as a concern. This seems to be less about tariffs and more about market demand—understandably so, given the $80–$115K price point.

That said, I was encouraged to hear the reiteration that R2 production is on track to begin in early 2026, with a starting price of $45K. Taken together, it could sound like a $45K model might launch on day one. If that turns out to be true, it's a potential home run. Does anyone buy-in to a $45K R2 from the get-go?

IMHO - It will depend on the pre-orders from reservation holders
They have polled some with different configurations and prices a while back
Don't know if that marketing gave them any insight to formulate production runs
Would like/hope to get a dual motor with 300-350 mile range but just have to wait and see

 

[savethemanual]

RIVN will be sideways until R2/R3 brings them into serious growth mode....but there's so many question marks around a potential recession. They have survived some crazy shit so far....I optimistic they will make it but again, powerful headwinds are present.

 

[Megaman0025]

Dear God, no. We don't need Dune-is-primer-with-clearcoat-gate. /s

Wait, is that really what the Dune edition is??

 

[RedRaiderRivian]

Sure, but as they say In the sports world... a win is a win.

Yep. Even Tesla has to take that attitude many quarters.
"This comes on the heels of Tesla reporting its first drop in annual sales for 2024, and the biggest drop in quarterly global sales in history during the first quarter. That resulted in net income falling 71% in the quarter. Tesla had to rely on the sale of regulatory credits to legacy automakers in order to report any profit at all. "

 

[RivianRiverRat]

Looks like Dune, but without clear coat applied yet?

no idea
seems like it would be the final color since they dip/spray the bare body first
could be primer and then they wrap them in topo or pixel camo - but don't see the need or benefit of this since the design has already been shown to the world
or it's already got the factory matt wrap
or ..........

 

[HaveBlue]

At this point Rivian is trying to be a competitor to Rover in numbers as a new car company.

 

[malditofman]

Link to earnings/shareholder letter:

https://downloads.ctfassets.net/2md5qhoeajym/CgJi4zWSk36Q5qX4pYfVH/26a5b919c4b5c8563312c87d8e6bb21e/EX_-_99.2_1Q25_Shareholder_Letter.pdf

Check out the R2 validation builds (from the shareholder letter)

The revised delivery targets are not bad, the guidance reflects management that under promises and over delivers. In other words, solid smart management, not con men. Rivian continues to do EVs right.

Sponsored