RIVN

R2 Program Launch, Ramp, and Economics

Cluster Description

Commitments tied to R2 development, validation, production start, ramp, pricing, and unit economics; the November 2025 items update and add specificity to earlier plans.

Commitments

• November 04, 2025: Begin R2 manufacturing validation builds at year-end 2025 after full commissioning of production equipment.
• November 04, 2025: Launch saleable R2 builds and deliveries with limited volumes in H1 2026 and ramp production in H2 2026 into 2027.
• November 04, 2025: Achieve positive gross profit and positive unit economics for R2 by the end of 2026 (exit-rate).
• August 07, 2025: Start production of the R2 midsize SUV in the first half of 2026, reinforcing earlier timelines that are further detailed in November 2025.
• August 05, 2025: Anticipate R2 production in H1 2026 with approximately 155,000 units of R2 capacity at the Normal facility.
• May 06, 2025: Report R2 development on track for H1 2026 with design validation builds ongoing on a prototype line.
• May 06, 2025: Plan R2 launch in H1 2026 at an expected ~$45,000 starting price, with long-term program capacity to expand materially as Georgia comes online.
• February 20, 2025: Confirm R2 bill of materials is ~95% sourced and projected to be about half the improved R1 bill of materials, supporting targeted unit economics.

Manufacturing Capacity and Facilities Expansion

Cluster Description

Capacity additions and facility milestones at Normal (Illinois) and Georgia; November 2025 items confirm completion and set construction timing, superseding earlier “planned” references.

Commitments

• November 04, 2025: Complete paint shop and related updates to raise the Normal plant’s annual capacity to 215,000 units, superseding prior planning references.
• November 04, 2025: Add ~400,000 annual units of capacity with a new Georgia facility (groundbreaking in September 2025) targeting first vehicles by late 2028.
• November 04, 2025: Begin vertical construction at the Georgia site in 2026 to support the 2028 launch.
• August 05, 2025: Complete a new 1.1 million square foot building in Normal, with equipment installation and validation underway to support R2 validation builds.
• May 06, 2025: Highlight significant progress on a 1.1 million sq. ft. expansion in Normal to enable R2 in H1 2026.
• May 06, 2025: Outline expanded U.S. manufacturing capacity including the new Georgia facility, with construction expected to start in 2026.
• February 24, 2025: Commit at least $1.5 billion of capital expenditures at the Normal Factory by December 31, 2029 to renovate and expand operations.
• February 24, 2025: Reiterate expansion of Normal capacity to ~215,000 annual units for R2, subsequently realized as completed in November 2025.

Financial Outlook and Capital Allocation

Cluster Description

Guidance on deliveries, EBITDA, CapEx, gross profit, working capital, and credits; November 2025 updates supersede earlier guidance where noted.

Commitments

• November 04, 2025: Reaffirm 2025 deliveries guidance of 41,500–43,500 units, replacing earlier 40,000–46,000 and 46,000–51,000 ranges.
• November 04, 2025: Reaffirm adjusted EBITDA loss guidance of $2.0–$2.25 billion for 2025, superseding the May 6, 2025 range of $(1.7)–$(1.9) billion.
• November 04, 2025: Reaffirm 2025 capital expenditures guidance of $1.8–$1.9 billion.
• November 04, 2025: Expect roughly breakeven gross profit for full-year 2025, superseding the May 6, 2025 expectation of positive gross profit.
• November 04, 2025: Remove meaningful regulatory credit sales from near-term forecasts, superseding the August 5, 2025 outlook of approximately $160 million in 2025 credits.
• November 04, 2025: Continue to reduce working capital and inventory but expect working capital to be a use of cash in Q4 2025 and through 2026 to build R2 launch inventory.
• November 04, 2025: Provide more detailed 2026 capital expenditures outlook on the Q4 2025 earnings call.
• August 05, 2025: Expect approximately $160 million of regulatory credit sales in 2025, now superseded by the November 2025 removal from forecasts.
• July 02, 2025: Reaffirm 2025 delivery guidance of 40,000–46,000, now superseded by the November 2025 range.
• May 06, 2025: Revise 2025 delivery outlook to 40,000–46,000 vehicles, now superseded by later ranges.
• May 06, 2025: Maintain adjusted EBITDA outlook of $(1.7)–$(1.9) billion for 2025, superseded by the November 2025 update.
• April 02, 2025: Reaffirm 2025 delivery range of 46,000–51,000 vehicles, superseded by subsequent updates.

Capital Raises and Strategic Partnerships

Cluster Description

External financing, joint ventures, and corporate structuring to fund growth and accelerate technology; later disclosures refine amounts and timing.

Commitments

• November 04, 2025: Expect up to $2.5 billion associated with the Volkswagen Group joint venture, with $2.0 billion anticipated in 2026 tied to JV milestones.
• November 04, 2025: Continue partnership with the U.S. Department of Energy for an up to $6.6 billion loan to finance the Georgia project, with draws tied to construction milestones.
• November 04, 2025: Spin out Mind Robotics and complete a $110 million seed round from external investors to advance AI-enabled industrial robotics.
• August 07, 2025: Advance the Volkswagen Group joint venture to develop software and ECU platforms for multiple brands.
• May 06, 2025: Unlock an expected $1 billion investment from Volkswagen Group with funding targeted for June 30, 2025.
• February 20, 2025: Establish a Volkswagen Group joint venture sized up to $5.8 billion, with $3.5 billion expected over the next several years.
• January 16, 2025: Finalize an up to $6.6 billion DOE loan supporting the Georgia facility, enabling construction commencement in 2026.

Autonomy, AI, and Software-Services Growth

Cluster Description

Investments and milestones to scale autonomy features and recurring software/services revenue; December 2025 event timing finalizes earlier plans.

Commitments

• November 04, 2025: Continue investing in hardware, software, and autonomy and host an Autonomy & AI Day on December 11, 2025 to present progress.
• November 04, 2025: Use fleet data from R1 and R2 to train a large driving model and rapidly roll out updated inference models.
• August 05, 2025: Invest heavily in the autonomy platform with a planned December showcase, now confirmed for December 11, 2025.
• August 07, 2025: Expand software and services (e.g., FleetOS, Connect+) to build higher-margin recurring revenues.
• April 30, 2025: Increase software and services offerings to strengthen customer experience and recurring revenue.
• February 24, 2025: Drive adoption of software and services to enhance margin profile through recurring revenue growth.
• May 06, 2025: Introduce hands-free, eyes-on driving and plan for future hands-off, eyes-off capabilities as the autonomy stack matures.
• April 21, 2025: Integrate cutting-edge AI across products, services, and manufacturing, supported by AI leadership on the board.
• August 05, 2025: Grow software and services revenues through 2027 to support achieving positive EBITDA in 2027.

Charging Network and Energy Access

Cluster Description

Commitments to broaden access and utilization of Rivian’s charging infrastructure.

Commitments

• August 07, 2025: Open the Rivian Adventure Network to non-Rivian EVs (began in Q4 2024) to increase utilization.
• April 30, 2025: Continue opening the Rivian Adventure Network to non-Rivian EVs to deliver clean energy and enhance customer experience.

Supply Chain Resilience and Trade Strategy

Cluster Description

Actions to harden the supply chain, reduce logistics costs, and mitigate tariff impacts.

Commitments

• August 07, 2025: Build a supplier park at the Normal Factory to reduce shipping, logistics, and warehousing costs and improve production speed.
• August 05, 2025: Study tariff mitigation strategies to offset increased tariffs, with the Section 232 automotive tariff offset ending in April 2027.
• May 06, 2025: Monitor global trade regulations and secure materials, expecting sufficient battery cells for production through 2025 and into early 2026.
• February 24, 2025: Develop and manage a resilient supply chain to ensure timely supply of raw materials and components.

Market Expansion and Customer Engagement

Cluster Description

Growth initiatives across international markets, retail/customer experiences, marketing, and commercial offerings.

Commitments

• August 07, 2025: Invest in international operations and growth outside existing markets, including infrastructure and delivery capabilities.
• August 07, 2025: Invest in retail customer engagement spaces and enhance product education to drive awareness and conversion.
• February 20, 2025: Open U.S. commercial van sales to fleets of all sizes, expanding beyond the existing Amazon partnership.
• April 30, 2025: Continue international expansion initiatives supported by targeted investments.
• February 24, 2025: Commit to growing business in international markets as a core scale driver.
• February 24, 2025: Expand retail engagement spaces and customer education programs to build brand awareness.
• February 21, 2025: Scale the Rivian Spaces program to enhance direct-to-consumer experiences, complementing a broad service network.
• April 30, 2025: Increase brand awareness via marketing initiatives and campaigns planned in 2025.
• February 24, 2025: Increase marketing and promotional expenditures to attract new customers.

Jobs, Community, and Sustainability

Cluster Description

Community and environmental commitments tied to the Georgia facility and broader sustainability mission; November 2025 reiterates and contextualizes earlier job creation targets.

Commitments

• November 04, 2025: Invest in Georgia to create jobs and economic benefits, targeting approximately 7,500 jobs alongside the new facility build.
• February 24, 2025: Commit to creating 7,500 new full-time jobs at the Georgia site and investing at least $5.0 billion by December 31, 2047, as part of an Economic Development Agreement.
• January 16, 2025: Confirm DOE-backed project will create more than 7,500 new manufacturing jobs as construction begins in 2026 and production targets 2028.
• January 16, 2025: Employ advanced environmental management and invest in surrounding communities during Georgia facility construction.
• August 07, 2025: Affirm commitment to accelerate the global transition to zero-emission transport and energy as a core sustainability objective.

Operational Efficiency and Cost Structure

Cluster Description

Actions to streamline operations and reduce cost, including workforce measures and manufacturing cost programs.

Commitments

• August 07, 2025: Drive significant cost reductions across manufacturing operations tied to R2 ramp to improve gross margins.
• April 30, 2025: Pursue cost management initiatives focused on lowering total cost of ownership and improving manufacturing efficiency.
• February 21, 2025: Reduce salaried workforce by approximately 10% to enhance cost efficiency and sharpen operational focus.