Rivian said Thursday that its new R2 SUV was its best-selling vehicle in the third quarter, a strong early result for the lower-cost electric vehicle the company launched in June. Rivian did not disclose exactly how many R2s it sold during the three-month period. The company said the R2 accounted for much of its quarter-over-quarter gain but declined to provide specifics.
Confidence in the R2's sales pace led Rivian to raise its full-year delivery guidance. The company had previously expected to deliver between 65,000 and 70,000 EVs in 2026 and on Thursday lifted the low end of that range to 67,000. It is the second time this year Rivian has raised its delivery guidance. The company is now positioned to break a three-year stretch in which it struggled to ship more than 50,000 vehicles annually.
Rivian has made a major bet on scaling production of the R2 at a historically quick rate. In a letter to shareholders released Thursday, the company said the R2 is an attractively priced option for everyday adventures in a U.S. market starved for high-quality EV choice, adding that it is resonating with a broad set of consumers and that it expects the vehicle to be a game changer for Rivian's long-term growth and profitability.
The early R2 success also suggests Rivian is finding new customers despite last year's loss of the $7,500 federal EV tax credit. The end of that credit, along with changes by the Trump administration to U.S. regulations that supported EV growth, has pushed many major automakers to refocus on internal combustion and hybrid vehicles. That has left room in the market for pure-EV companies such as Tesla and Rivian.
Rivian said earlier this month that it built 19,751 vehicles in the third quarter and delivered 19,248, roughly 45% more than it delivered in the same period last year. Those figures were a big jump from the 12,613 vehicles built and 12,194 delivered in the second quarter of 2026. The increase was driven in large part by Rivian launching a second production shift at its factory in Normal, Illinois.
For the third quarter, Rivian reported $2.2 billion in revenue and a net loss of $913 million, narrowed from $1.2 billion in the same period last year. The R2 launched at a starting price of just under $60,000. A more affordable premium trim is supposed to be available later this year starting at $53,990, and even cheaper versions are slated for 2027, with prices as low as $44,990.
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