Shares of Rivian Automotive, Inc. (RIVN) plummeted 5.05% in Wednesday's trading session following the electric vehicle maker's announcement of a significant decline in first-quarter deliveries. The company reported delivering 8,640 vehicles in Q1 2025, a 36% drop compared to the same period last year when it delivered 13,588 vehicles.
Despite the sharp decline, Rivian's Q1 deliveries were in line with company and Wall Street estimates. Analysts had projected deliveries of about 9,000 vehicles for the quarter. The company also reaffirmed its 2025 delivery guidance range of 46,000 to 51,000 vehicles, suggesting confidence in a recovery for the remainder of the year.
The decline in deliveries comes as Rivian grapples with soft demand in the electric vehicle market. Chief Financial Officer Claire McDonough had previously warned investors during the last earnings call that vehicle deliveries would be lower this year, citing factors such as the impact of fires in Los Angeles. The broader EV industry is facing challenges, with market leader Tesla also reporting lower-than-expected Q1 deliveries, indicating a potential slowdown in the sector.
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