Rivian continues to ramp with R2 even as EV market growth slows

Rivian posted its third-quarter production and delivery numbers this morning and, with the R2, remains on track to meet its annual targets despite some headwinds across the US electric vehicle sector.

Rivian’s 2026 production and delivery output has accelerated steadily through the year as it now ramps up R2 production:

• Q1 2026: Produced 10,236 vehicles and delivered 10,365.
• Q2 2026: Produced 12,613 vehicles and delivered 12,194, outperforming initial quarterly expectations. R2 is part of this acceleration
• Q3 2026: Produced 19,751 vehicles and delivered 19,248.

Taken in a vacuum, the numbers are impressive:

• 58%: Quarter-over-quarter surge in vehicle deliveries from Q2 to Q3, likely helped by R2 ramp.
• 41,807: Total vehicles delivered through the first three quarters of 2026.
• 65,000 – 70,000: Reaffirmed full-year delivery guidance range, requiring roughly 23,000 to 28,000 deliveries in Q4 to hit targets. That seems likely given Rivian’s ramp and the introduction of the Premium version in “late 2026”

Obviously, the lower-cost R2 is likely responsible for much, if not all, of this growth, even though Rivian is selling only the higher-cost Performance version through the end of the year. Rivian this week announced that its Lidar suite wouldn’t reach customers until 2027, a pushback from its original late 2026 target.

Zooming out: The broader U.S. EV transition is experiencing a reality check in 2026.

• EV share of U.S. light-duty vehicle sales has hovered around 6%–7% this year, down from a peak above 10% in 2025.
• The loss of federal purchase credits in late 2025, paired with elevated interest rates, has driven down overall EV growth rates and led several legacy automakers to push back ambitious electrification timelines.
• Electricity prices have risen because of AI infrastructure and other factors, but the Iran War has driven up gas prices even more.

Rivian will release its full Q3 2026 financial results after market close on October 29, 2026, followed by an investor webcast and Q&A session at 5:00 p.m. ET. We’ll be covering it live.

Electrek’s take:

Rivian’s ability to nearly double its quarterly delivery volume since Q1 shows improving manufacturing efficiency at its Normal, Illinois facility, alongside growing demand for its core R1 vehicles, commercial delivery vans, and, more to the point, newly introduced R2 Performance.

While the overall margins will be lower on the R2 compared to the flagship R1 vehicles, the Performance version, which is now exclusively being sold, should still have an ASP close to the R1.

Anecdotally, I’m getting an itchy trigger finger on the Performance version, especially after reviewing it this summer, even though I promised myself I would wait for the Lidar suite and V2X updates.