Rivian shares slip as Q3 delivery beat fails to lift outlook

Rivian Automotive shares ended trading at $14.30, down 3.12%, after the electric vehicle maker reported third-quarter delivery figures that exceeded market estimates but failed to alter its full-year guidance. The stock had spiked at the open following the announcement, but investors focused on the company's unchanged outlook, leading to a reversal of early gains.

The delivery update revealed that Rivian delivered 19,248 vehicles in the third quarter, a 46% increase over the same period last year. Production numbers were slightly higher, with 19,751 vehicles produced. While these figures represented a strong performance, they were in line with company expectations, prompting Rivian to reaffirm its 2026 delivery outlook.

Trading volume reached 59.1 million shares, which is approximately 107% above the three-month average of 28.6 million shares. Rivian, which went public in 2021, has seen its share price fall 86% since its initial public offering.

The broader market showed a mixed picture for electric vehicle manufacturers during the session. The S&P 500 closed at 7,723, up 0.74%, while the Nasdaq Composite finished at 27,191, up 1.19%. Tesla closed at $370.59, up 4.65%, whereas Lucid Group closed at $4.13, down 1.43%.

To reach the high end of its full-year vehicle delivery guidance, Rivian needs to ship over 28,000 units in the fourth quarter. The company's estimates suggest it could nearly triple fourth-quarter deliveries compared to the same period last year. Investors are now waiting for the full financial results scheduled for October 29 to see if the company can confirm this growth and momentum, which may be necessary to move shares higher.