Rivian Automotive (RIVN) stocks fell 18% on Tuesday, marking the worst single-day decline in over two years, after the electric vehicle maker announced a $1.5 billion stock offering. The company disclosed plans to sell 75 million Class A shares, with underwriters holding an option to purchase up to 11.25 million additional shares. The stock drop coincided with customer reports of stalled R2 deliveries, as buyers waiting for the new SUV model said their orders were no longer progressing through VIN matching, the step where an order is assigned to a specific vehicle before delivery scheduling. The R2 production ramp is critical to Rivian's outlook, with the company expecting 20,000 to 25,000 R2 deliveries this year, mostly in the second half, following 22,559 total vehicles delivered in the first six months.
On Monday, Rivian issued preliminary Q2 revenue expectations of $1.55 billion to $1.65 billion, up from $1.3 billion a year earlier. The EV maker estimated cash, cash equivalents and short-term investments of $5.3 billion as of June 30, compared with $4.8 billion at the end of the first quarter. Separately, filings showed sales by Rivian director Karen Boone and the Rivian Foundation totaling 186,668 shares worth $3.48 million. Shares traded 0.3% higher overnight late Tuesday.
Rivian R2 Buyers Report VIN Matching Delays
Some R2 buyers said their orders were no longer moving through the delivery pipeline. Customers posting on Rivian forums, X, and Facebook groups pointed to delays in VIN matching, according to reports. One R1T owner waiting for an R2 said 11 days had passed after receiving a VIN with "no status change or scheduled delivery date." The buyer said the delay raised concerns that the vehicle might require post-production work.
Rivian owner and content creator Chris Hilbert said locals near the Normal, Illinois, plant told him "the R2 inventory on the lot has grown" since he filmed the factory area last week. He said he had seen a few recent VIN-assignment reports. A growing number of vehicles at Normal would not necessarily mean production has stalled. Instead, it may suggest R2s are being built, but the process of matching them to customers and scheduling deliveries has slowed, pointing more toward a delivery, logistics, or quality-control bottleneck than a production shutdown, according to the report.
Rivian Expects 20,000 to 25,000 R2 Deliveries This Year
Rivian expects 20,000 to 25,000 R2 deliveries this year, mostly in the second half. The company delivered 22,559 total vehicles in the first six months. CEO RJ Scaringe told Axios, "If R2 doesn't go well, the whole company is not designed properly." He warned that supply, not demand, is the bigger risk, citing semiconductor and memory-chip constraints.
The R2 launch faces questions over pricing, leases and missing features. Rivian marketed the SUV at around $45,000, but the first available version costs $57,990, with the entry-level model not expected until summer 2027. Some lease payments also approach or exceed $1,000 a month.
Retail Sentiment for RIVN Flips to Bullish
On Stocktwits, retail sentiment for RIVN flipped to 'bullish' from 'bearish' levels a week ago amid a 370% jump in message volumes over the same period. One user said, "$RIVN math doesn't seem to check out. Oversold for this level of dilution. Picked up a few shares... probably going to regret it." Another user said, "$RIVN Welp, been holding this stock for a long time. Not gonna lie, dreadful day and unnecessary but growing pains. There will be more offerings in the future, Rivian just needs to have more on the table. My conviction remains strong."
RIVN stocks have risen 29% over the past year.
FAQ
What caused RIVN stocks to fall 18% on Tuesday?
RIVN stocks fell 18% on Tuesday after Rivian Automotive announced a $1.5 billion stock offering, with plans to sell 75 million Class A shares. The decline marked the worst single-day drop in over two years. Customer reports of stalled R2 deliveries, with buyers saying their orders were no longer progressing through VIN matching, added to investor concerns.
How many R2 deliveries does Rivian expect this year?
Rivian expects 20,000 to 25,000 R2 deliveries this year, mostly in the second half. The company delivered 22,559 total vehicles in the first six months. CEO RJ Scaringe told Axios that supply, not demand, is the bigger risk, citing semiconductor and memory-chip constraints.
What is the current pricing for the Rivian R2?
Rivian marketed the R2 SUV at around $45,000, but the first available version costs $57,990. The entry-level model is not expected until summer 2027. Some lease payments also approach or exceed $1,000 a month.
