Electric vehicle maker Rivian Automotive is revising its delivery and capital spending forecasts for 2025, citing the effects of global trade policies, including tariffs implemented by President Donald Trump. The company stated the current economic environment presents uncertainty that impacts consumer demand and operational costs.
For 2025, Rivian now expects to deliver between 40,000 and 46,000 vehicles. This is a decrease from previous guidance of 46,000 to 51,000 units. Capital expenditures are projected to increase, now estimated between $1.8 billion and $1.9 billion, up from earlier guidance of $1.6 billion to $1.7 billion.
Despite these adjustments to production and spending targets, the company reconfirmed its financial outlook for the year. Rivian anticipates achieving a modest positive gross profit and an adjusted loss before interest, taxes, depreciation, and amortization between $1.7 billion and $1.9 billion.
The announcement came as part of the company's first-quarter 2025 earnings release. Rivian's results for the quarter surpassed Wall Street estimates, posting a smaller loss per share and higher revenue than analysts expected.
Specifically, Rivian reported a loss of 41 cents per share, compared with an expected loss of 76 cents. Revenue for the quarter reached $1.24 billion, exceeding estimates of $1.01 billion. Rivian’s first-quarter results marked the second straight quarter the automaker achieved a gross profit.
This operational improvement unlocks a $1 billion investment from Volkswagen Group as part of their joint venture. The partnership, announced last year in a $5.8 billion deal, includes funding for Rivian and allows Volkswagen to utilize Rivian's software and electrical architecture technology.
Rivian Automotive reported ending the first quarter with $8.5 billion in liquidity, including $7.2 billion in cash, cash equivalents, and short-term investments.
In related news, rival Lucid Group also reported its first-quarter results Tuesday. Lucid maintained its 2025 production forecast of roughly 20,000 vehicles and expects capital expenditures around $1.4 billion. Lucid reported a loss of 20 cents per share on revenue of $235 million for the quarter.
