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The company said last month it delivered 13,201 vehicles in the third quarter, up 32% from the year earlier, but lowered forecast for the year marginally to between 41,500 and 43,500 units, as it braced for demand uncertainty from the lapse of the $7,500 federal tax credit and cost pressures from U.S. tariffs. Sign up here. Analysts also anticipate a drop off in fourth-quarter deliveries, as the loss of the incentive increased prices for EVs. "October is going to be a bit of a funky month, because you had so much pull forward. But in the fullness of time, we think it (demand) looks the same way we thought it looked before," CEO RJ Scaringe told Reuters. Rivian's revenue for the third quarter stood at $1.56 billion, compared with analysts' average estimate of $1.5 billion, according to data compiled by LSEG. The company posted an adjusted net loss of 65 cents per share, smaller than the estimate of 72 cents per share. Rivian said it remains on track to start production of its more affordable R2 SUV in the first half of next year to expand beyond the premium truck segment. Its R&D expenses in the third quarter were $453 million, while analysts estimated $406.6 million. Last month, Rivian laid off about 4.5% of its workforce, more than 600 employees, affecting its service, sales and marketing divisions, as it grappled with softening demand and rising costs from U.S. tariffs on imported auto parts. In recent quarters, the company's software and services segment has been pivotal in driving overall profitability, thanks to its significantly higher margins. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1. Abhirup Roy is a U.S. autos correspondent based in San Francisco, covering Tesla and the wider electric and autonomous vehicle industry. He previously reported from India on global corporations, capital markets regulation, white-collar crime, and corporate litigation. Contact him at (415) 941-8665 or connect securely via Signal on abhiruproy.10
